Australia’s retail turnover figures remained unchanged in August. The monthly growth of the indicator stopped after a weak increase in July (+0.1%). The annual increase of the retail turnover increased by 1.7%.
Nevertheless, with a glance at seasonality the retail sale growth saw a 0.4% increase during the reporting period. Which is slightly above July’s figures (0.1%). Footwear, clothes and accessories sectors were the biggest gainers in terms of retail sales.
Forex
Meanwhile, the Australian Dollar is still showing an uptrend against the US Dollar even though the price is currently retracing against the recent upswing.
A further rally (above 0.9433) will probably encounter resistance around 0.9455 and 0.9527. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 0.9279 (as shown below). In this case, 0.9220/08, 0.9133/25 will act as the closest major levels of support.
