AUD/USD Eyes 0.7100 as US Retail Sales Miss Sparks Rate Hike Speculation

The AUD/USD price is on the rise after disappointing US Retail Sales figures led to speculation that the Federal Reserve might not raise interest rates. The Australian Dollar strengthened, trading at 0.7083, up 0.34%.

The daily chart shows a bullish trend, but buyers have yet to break through the January 29 high of 0.7094. Momentum shifted in favor of the bulls since mid-July, as indicated by the Relative Strength Index (RSI).

From a market structure perspective, the AUD/USD pair won't shift to a bullish bias until buyers regain the June 1 peak at 0.7190.