Sell on a level breakthrough of 0.6980 with 0.6900 target. Stop loss = 0.7030.
Reason for the trading strategy
In July, Australia's retail sales decreased by 0.1% (m/m), with a forecast of 0.4% (m/m). The growth rate for June was revised down from 0.7% (m/m) to 0.6% (m/m). In July, Australia's trade balance amounted to -2.46 billion Australian dollars. The statistics indicate a decline in consumer and external demand for Australian products and puts pressure on the Aussie.