Aussie is not effected by the downbeat Aussie data. In doing so, the Aussie pair keeps the early Asian recovery moves, amid the broad US dollar pullback.

Australia’s reading of May’s Retail Sales has came below 0.7% forecast and 1.1% MoM prior to 0.1%, making the market fear of the negative economic impact of Victoria’s snap lockdown. Adding to it People’s Bank of China’s (PBOC) decision to keep the benchmark interest rate unchanged near 3.85% even though recently there is the pause in the further easy monetary policy.

Along with the US dollar’s consolidation of the recent gains, coupled with downbeat bond yields pressurises the us dollar.

AUD/USD pair ignores downbeat market sentiment also the chatters relating to the Pacific major’s push to the World Trade Organization (WTO) for saving it from China’s tariffs. On the other hand, there could be the global fears of the covid’s Delta variant and uncertainty over US President Joe Biden’s infrastructure and spending package.

AUD/USD 4 Hour Chart:

Support: 0.7451 (S1), 0.7423 (S2), 0.7369 (S3).

Resistance: 0.7533 (R1), 0.7588 (R2), 0.7615 (R3).

After ignoring the retail dsles data, AUD/USD traders will keep their eyes on the Fedspeak and Chicago Fed National Activity Index for May, prior 0.24, for fresh impulse. In the meantime, we expect a neutral trend for Aud/usd.