• AUD/USD hit 4 year high on Thursday as relatively upbeat Chinese economic data and solid jobs numbers at home boosted Australian dollar
• Data released Thursday showed Australia’s employment rose in line with expectations in March, with unemployment steady at 4.3%, though a war-driven global energy shock may soon test labour market resilience..
• The upbeat outcome reinforced bets of a 70% probability of a third rate hike in May, with April 29 CPI data likely to be decisive...
• Separately, China’s economy grew 5% annually in Q1, supported by strong exports and policy measures, keeping industry firm and boosting demand for Australian resources.
• Immediate resistance is located at 0.7203(23.6%fib), any close above will push the pair towards 0.7233 (Higher BB).
• Support is seen at 0.7122(April 15th low) and break below could take the pair towards 0.7052(38.2%fib)
Recommendation: Good to buy around 0.7160 with stop loss of 0.7080, and target price of 0.7240
