Australian retail sales rose at a faster-than-expected pace in January. Seasonally-adjusted, they increased by 1.2% on the month in a move that exceeded the consensus forecast for a 0.5% gain to follow the revised 0.9% fall in December. The upbeat data provoked a rally in the Aussie dollar, which immediately strengthened by 29 pips to reach $0.9014, though it failed to breach its session high two pips above that before it rapidly fell back. Nonetheless, in less than a minute, AUD/USD rose again and recently traded at $0.9003. If the pair does manage to breach its intraday high of $0.9016USD, it’s targeting resistance of $0.9071USD from Feb. 23 and then $0.9328USD from Jan. 14.
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