When are Aussie retail sales and how could it affect AUD/USD?

Retail Sales Overview

Australian Jan retail sales are due later today at 12.30GMT. The consensus amongst traders expects another wobbly one after the previous 0.1% for Dec. Westpac's forecast is 0.2%, "Mainly as the drag from household goods retail dissipates. Risks are mainly to the downside," explained the analysts. 

How could affect AUD/USD?

AUD/USD recently dropped from the 0.7640 level and below the sideways channel supporting area after recent failures of the 23rd Feb highs at 0.7740. with the current price at 0.7590 and between the 20 (0.7568) and 50 (0.7591) hourly smas, a poor result could offer further downside in Aussie targeting a break below 0.7551 (200 4hr smoothed sma), March lows at 0.7542. A break higher on an improved month in retail sales could drive demand into the Aussie with a price target and break through the psychological 0.76 handle and previous channel aforementioned supporting level. 

Key notes

AUD/NZD outlook: break towards 1.0875 on the cards? - Westpac

Economic wrap: Fed Chair Yellen rubber stamped a March hike - Westpac

Australia CFTC AUD NC net positions climbed from previous $33.5K to $51.9K

About retail sales

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.