➡️ Retail sales in Australia in February: 1.8% m/m against the forecast of 1% and prev.1.8%. The data, although much better than expected, is still not an improvement over previous data as traders are more focused on other topics, namely the military conflict in Ukraine and the associated risks.
Technically, a short is looming at the moment. There is an entry option from current prices, as well as after closing the price below the level of 0.74680. The idea of going short assumes the approach of the instrument to support 0.74100, where there is a good support at the moment. But whether this support will withstand the onslaught of sellers is a big question. Since this downward movement can pass within the uptrend channel from the resistance line to the support line.
A little about retail sales.
Retail Sales is a measure published by the Australian Bureau of Statistics that measures the total volume of retail sales through outlets of various types and sizes, based on a representative sample. It is considered an indicator of the growth rate of the Australian economy.
Retail sales are Australia's leading measure of consumer spending. This indicator is published by the Australian Bureau of Statistics (ABS) approximately 35 days after the end of the month. It accounts for approximately 80% of the total retail turnover in the country, so it has a significant impact on inflation and GDP. This leading indicator is directly correlated with inflation and growth prospects and influences the Reserve Bank of Australia's (RBA) interest rate decision and the valuation of the Australian dollar. The Bureau of Statistics uses the forward factors method to ensure that seasonal factors are not distorted by the impacts of COVID-19.
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👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
Technically, a short is looming at the moment. There is an entry option from current prices, as well as after closing the price below the level of 0.74680. The idea of going short assumes the approach of the instrument to support 0.74100, where there is a good support at the moment. But whether this support will withstand the onslaught of sellers is a big question. Since this downward movement can pass within the uptrend channel from the resistance line to the support line.
A little about retail sales.
Retail Sales is a measure published by the Australian Bureau of Statistics that measures the total volume of retail sales through outlets of various types and sizes, based on a representative sample. It is considered an indicator of the growth rate of the Australian economy.
Retail sales are Australia's leading measure of consumer spending. This indicator is published by the Australian Bureau of Statistics (ABS) approximately 35 days after the end of the month. It accounts for approximately 80% of the total retail turnover in the country, so it has a significant impact on inflation and GDP. This leading indicator is directly correlated with inflation and growth prospects and influences the Reserve Bank of Australia's (RBA) interest rate decision and the valuation of the Australian dollar. The Bureau of Statistics uses the forward factors method to ensure that seasonal factors are not distorted by the impacts of COVID-19.
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👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
