AUD/USD & Retail Sales: A decline is coming soon in the Aussie?

Today at 00:30 GMT will be released the Australian Retail Sales for November and there are expectations of a slight decrease to 0.4% from the 0.5% posted on October, which beats the forecasts that put the data on 0.3%. Because of the nature of the event, we can expect some volatility on the AUD-related pairs, as a negative data should help to pressure the Australian Dollar to test key support levels against its competitors.

Our technical analysis for AUD/USD at H1 chart has detected a trend line channel formation that favors to the bulls in the mid-term. However, the pair could start to correct its main bullish bias and eventually it can plunge towards the 0.7332 level. If data comes in weaker than expected, then a decline to test the 0.7290 level is likely to happen. The 200 SMA is supporting the overall bullish scenario across the board.