FxWirePro: AUD/USD rangebound at 21-EMA support, US Retail Sales awaited for impetus

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading in a narrow range with session high at 0.7468 and low at 0.7444 

Previous Week's High/ Low: 0.7661/ 0.7426

Previous Session's High/ Low: 0.7474/ 0.7391

Fundamental Overview:

Aussie under pressure after Australia’s March jobs report disappoints market expectations.

Australia’s March labour force survey released earlier today showed unemployment rate at 4%, more than forecasts at 3.9%.

Employment Change stood at 17.9k, significantly lower than the estimates and the previous figure of 40k and 77.4k respectively.

Focus now on the US Retail Sales data due later on Thursday. Market expects monthly US Retail Sales to double to 0.6%.

Technical Analysis:

- AUD/USD holds support at 21-EMA, weakness only on break below

- A 'Golden Cross' on the daily charts keeps downside cushioned

- RSI flat, but holds above the 50 mark, Stochs are on verge of bullish rollover from oversold levels

- Price action is above cloud and Chikou span is biased higher

Major Support and Resistance Levels:

Support - 0.7446 (21-EMA), Resistance - 0.7481 (20-DMA)

Summary: AUD/USD pivotal at 21-EMA support. Break below will plummet prices. On the flipside, retrace above 200H MA will see upside resumption.