Aussie dollar is hanging in there this morning despite last night’s horrid retail sales data lowered the odds of an RBA hike for next week a bit.
The key level to watch near-term is the 0.9227 level near-term where a resistance line drawn off the 0.9405 highs from last November. A break will give the bulls a fresh lease on life. A failure may see prices retrace. 0.8992 is the 38.2% retracement of the 0.8580/0.9250 rally. We dipped as low as 0.8998 on Friday.
