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Forex Trading, Market News & Technical Analysis

Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Sep 2, 2013 10:58:00 PM

Australia’s July Retail Sales rose +0.1% which was lower than market expectations of +0.4% as consumers cut back on spending due in large part to the uncertain economic prospects. The Aussie sold off a bit on this release but still maintained a large chunk of its recent gains as traders are not expecting the RBA to cut interest rates today prior to the general election though they do expect the central bank to reiterate that a weaker currency will aid the economy. The risk is that they are more sanguine about growth prospects going forward, especially since Chinese economic figures seem to be improving, which could see the Aussie squeeze higher with 0.9345 still looming as the key resistance level. In a separate report, their current account deficit widened to AUD 9.4 billion in the second quarter, more than the AUD 8.5 billion that analysts had forecast.

Ranges: {charts: 15-min WorldWideMarkets}(click to enlarge)

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