[FONT="Times New Roman"][SIZE="6"][B]Technical Analysis for AUD/USD: May 5, 2016[/B]
Favorable market data trimmed the Aussie dollar's losses and bounced it back to 0.75 handle in the early session.
Australia's statistics bureau revealed on Wednesday that retail sales gained 0.4 percent in March from February's 0.1 percent, topping a projected 0.3 percent growth. However, retail sales for the first quarter only rose by 0.5 percent, just 0.2 points shy of analysts' 0.7 percent expectations. Retail sales in Q4 of 2015 was 0.6 percent.
But the upbeat data still failed to propel the once-glowing USD to 76 cents. AUD/USD is currently trading at 0.7492, struggling to break through 0.75 level, although it reached an intraday high of 0.7515 before sinking back down.
Scott Morrison, Australia's treasurer, said on Thursday that RBA deputy governor Philip Lowe will take Glenn Stevens' place as governor on September 18. Lowe will fill the post for seven years.
The first support occurs at 0.7416 and 0.7379. The first resistance is at 0.7488 and 0.7525. The MACD indicator is in negative location. The price is increasing.[/SIZE][/FONT]
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[SIZE="5"][FONT="Times New Roman"][B]Technical Analysis for EUR/USD: May 5, 2016[/B]
The pair is extending its losses amidst negative macroeconomic data and the greenback’s attempt to recover from bearish territory. The euro is struggling to reach 75 cents.
The region’s services PMI was expected to remain at the previous release of 53.2, but instead fell to 53.1. Monthly retail sales was down by 0.5 percent in March after gaining 0.3 percent in February. Economic growth in the Eurozone was at 0.6 percent in Q1 from Q4’s 0.3 percent.
The gloomy warning issued by the European Commission also burdened the EUR/USD. The international body revised its forecast on the Eurozone’s economic growth. It initially projected a 1.6 percent expansion for 2016 but downgraded it to 1.6 percent. However, the region will grow by 1.8 percent in 2017.
Most markets using the euro are closed today due to Ascension Day.
The first support is at 1.1446 and 1.1388 subsequently, while the first resistance is at 1.1508 and 1.1566 subsequently. The MACD indicator is in positive location. The price is declining. [/FONT][/SIZE]
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