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AUD/USD edges higher after softer US retail sales raise Fed-cut bets

The pair was last at 0.7083, up 0.34%, with resistance seen at 0.7100 and support near the 100-day SMA at 0.7058.

Reported · Written up by our desk · Major Pairs

FXStreet said the Australian dollar advanced on Friday after US Retail Sales disappointed investors, prompting more speculation that the Federal Reserve may not raise rates. That shift in expectations coincided with tentative signs of weakness in the US economy. The AUD/USD was trading around 0.7083, up 0.34%, and FXStreet noted the daily chart remains bullish but buyers have not yet broken above the January 29 high at 0.7094. It highlighted the next resistance at 0.7100, followed by 0.7200 if the pair pushes higher. On the downside, FXStreet pointed to the 100-day Simple Moving Average at 0.7058 as the first support level. If that level is cleared, it identified the 50-day SMA near 0.6991, and then the 200-day SMA around 0.6937.

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