AUD/USD a sell on rallies?

Currently, AUD/USD is trading at 0.7365, up 0.16% on the day, having posted a daily high at 0.7387 and low at 0.7331.

Australia: Retail sales posted 0.2% growth in November – RBC CM

AUD/USD has risen to the aforementioned highs on a continuation of the bullish momentum in the aussie seen at the start of 2017, mirroring the end of 2016's resurgence. The data overnight wasn't kind to the bulls with a miss in Aussie retail sales, but the dollar just can't catch a prolonged bid and is soft across the board again as the US session gets going. China's CPI was also a miss last night and it all points to the possibility of the RBA needing to remain prepared to act sooner in 2017 - thus, the divergence between the Fed and RBA should come to the foreground again and help support the greenback.

China: Inflation at the centre stage - BBH

AUD/USD levels

Current price is 0.7367, with resistance ahead at 0.7376 (Yesterday's High), 0.7386 (Weekly Classic R1), 0.7387 (Daily High), 0.7392 (Daily Classic R1) and 0.7428 (Daily Classic R2). Next support to the downside can be found at 0.7357 (Daily Open), 0.7356 (Weekly High), 0.7356 (YTD High), 0.7354 (Hourly 20 EMA) and 0.7340 (Daily Classic PP).