AUD/USD chart - Trading View
- AUD/USD is trading in an extremely narrow range in the Asian session today.
- The pair slumped lower overnight as bullish US data offset the strong Australian jobs report.
- U.S. jobless claims data showed number of Americans filing applications for unemployment benefits dropped to the lowest in nearly 50 years last week.
- Retail sales surged 1.6 percent last month (beating expectations at 0.9 percent), the biggest increase since Sept 2017 and followed an unrevised 0.2 percent drop in Feb.
- Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 192,000 for the week ended April 13, the lowest level since September 1969.
- Major trend in the pair has always been bearsih. And now steam in the minor recovery seems to have fizzled out.
- 200-DMA has proved to be stiff resistance to break. Price has slipped below 5-DMA which is now showing a slight turn northward.
- Stochs are on verge of a rollover from overbought levels and MACD is on verge of bearish crossover on signal line.
- Scope for test of trendline support at 0.7110 (nearly converged 50-DMA and trendline). Break below opens up further downside.
- Focus on US housing starts and building permits data due later today for further impetus.
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