- The Aussie dollar weighed by weaker-than-expected employment data released earlier today by the Australian Bureau of Statistics (ABS).
- Australia added far fewer jobs than expected in March. Employment rose +4.9k s/adj missing expectations for a +21.0k. Unemployment rate was as forecasted at 5.5 pct s/adj.
- AUD/USD retraced from 0.78 levels and is currently trading at 0.7791, bias still higher.
- Aussie is struggling to maintain bullish momentum and is extending choppy trade below 100-DMA.
- Technical studies are biased higher and bullish divergence on RSI and Stochs keeps scope for upside.
- A series of stiff resistance seen upto 0.7815, decisive break above 100-DMA could see further bullishness.
- On the flipside, break below 21-EMA at 0.7747 negates bullish bias.
Support levels - 0.7778 (converged 5&50 DMA), 0.7747 (21-EMA), 0.77
Resistance levels - 0.78, 0.7815 ( 200-DMA), 0.7875 (Jan 5 high)
Recommendation: Watch out for break above 200-DMA to go long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 147.023 (Bullish), while Hourly USD Spot Index was at -26.3108 (Neutral) at 0320 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
