Overall, AUD/USD is trending downwards.

The Australian Retail Sales m/m data (Actual: 4.9%, Forecast: 2.2%, Previous: 1.3%) released earlier today indicated a strong increase in consumer spending in October.

Currently, AUD/USD is testing to break below the key level of 0.72. Its next support zone is at 0.71000 and the next resistance zone is at 0.73000.
Look for short-term selling opportunities of AUD/USD if it breaks below the key level of 0.72.

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By Jin Dao Tai

JinDao Tai is an Entrepreneur, Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.

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