• AUD/USD dipped on Thursday as the greenback strengthened on the back of strong U.S. retail sales data.
• Wednesday's data showed that U.S. retail sales rose by 1.4% last month, marking the largest increase since January 2023.
• Australia's employment data for March showed no significant surprises. March employment increased by 32.2k jobs, slightly missing the estimate of 40.0k jobs.
• Trade war developments between the U.S. and its trading partners, particularly China, remain crucial in determining future market sentiment.
• At GMT 05:36, the Australian dollar was trading lower 0.53 % at $0.6337 against US dollar.
• Immediate resistance is located at 0.6372(38.2%fib), any close above will push the pair towards 0.6414(Feb 21st high).
• Support is seen at 0.6324(April 16th low) and break below could take the pair towards 0.6286(50%fib).
Recommendation: Good to buy around 0.6320 with stop loss of 0.6260 and target price of 0.6400
