Retail Sales measures the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
The Australian Retail Sales rose 0.4%, from -0.1% in the previous month meeting forecast of 0.4% , as expected in the last month.
Market impact: This development challenges daily chart resistance at the 0.7035 levels, immediate support comes at the 0.7016 levels ahead of the 0.6978 levels, stability above support levels could expose the 0.7035 levels, If seen, It will extend recovery higher towards the 0.7078 levels before the next fall, further upside, resistance lies at the 0.7171 levels. On the downside, a failure to hold gains above the 0.7035 levels could mean a push back lower, support lies at the 0.7016 levels ahead of the 0.6978 levels (main), where a cut will aim the 0.6920 levels, further down, support comes at the 0.6780 levels, with a break below the 0.6780 levels paving the way towards the 0.6625 levels. Conclusion : The AUDUSD continues to face upside threats in the short term above the 0.6978/0.7015 levels.