The AUDUSD pair fell to an intraday low of 0.7165. As it dropped, it crossed the important support of 0.7200. What can traders expect next? Gain insight into the following 3 September AUDUSD Fundamental Analysis,
3 September, OctaFX –The USD rose by 25 basis points against the Australian dollar. This happened after disappointing retail sales from Australia. Data showed that Australian customers held back spending in July, with sales remaining flat during the month.
This was the weakest growth since March this year and was below the estimated 0.3% gain. The main contributors to the lagging retail sales were clothing and footwear which declined by 2%.
The declines were offset by an increase in food sales. In the second quarter, business inventories rose by 0.6%, which was better than the expected 0.3% while the company gross operating profits rose by 2.0%, which was better than the expected 1.4%. Traders will watch out for the AUDUSD pair as the RBA releases its interest rates decision tomorrow.
AUDUSD Fundamental Analysis
The AUDUSD pair fell to an intraday low of 0.7165. As it dropped, it crossed the important support of 0.7200. The current price is below the 25 and 50-day EMA with the ADX at 62. This is an indication that the downward trend could continue as traders wait for the monetary policy statement from the RBA. This was the lowest level since January this year. If it continues to fall, the pair will likely test the 0.6800 support.
This article about 3 September AUDUSD Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.