FXStreet (Bali) - AUD/USD has taken a sharp intraday dive into 0.7010, session lows, after buyers felt overwhelmed by increased selling pressure above 0.7050.
Aus retail sales: Bull momentum fades
AUD/USD saw an initial spike towards 0.7055 on the back of in-line Australian retail sales, coming at +0.4% in August, however, the joy for those betting long-side did not last long, with sellers taking back control. Traders are now awaiting the US NFP report in order to gain some clarity on the possible timing of the first Fed rate hike.
AUD/USD key levels
On the upside, the 0.7037/42 becomes now the key resistance ahead of the European session, with the next cluster of offers seen circa 0.7060 and 0.7080. On the downside, an extension of the downward momentum may expose 0.70 ahead of 0.6980.
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