- AUD/USD spikes above 200-DMA and is currently pausing upside at major trendline resistance at 0.7585.
- Data released in China earlier on Thursday showed a sharp rise in the March Trade surplus.
- The pair is extending gains after the stellar Australia jobs report.
- Data showed the Aussie economy added 60,900 jobs in March, which is significantly higher than the expected figure of 20K.
- Broad-based USD weakness following Trump’s bearish comments on the greenback adding to upside support.
- The pair has currently paused upside at major trendline resistance at 0.7585, bias remains higher.
- Stochs have rolled over from oversold levels and RSI is biased higher.
- We see scope for test of 50-DMA at 0.7624. Violation there could see further upside upto 0.7680 (March 30 high)
Support levels - 0.7554 (200-DMA), 0.7520 (100-DMA), 0.7515 (weekly 20-SMA)
Resistance levels - 0.7607 (weekly 5-SMA), 0.7624 (50-DMA), 0.7679(Mar 30 high)
TIME TREND INDEX OB/OS INDEX
1H Neutral Overbought
4H Bullish Neutral
1D Bullish Neutral
1W Neutral Neutral
Recommendation: Good to go long on dips around 0.7570, SL: 0.7520, TP: 0.76/ 0.7620/ 0.7680
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 68.7978 (Neutral), while Hourly USD Spot Index was at -114.999 (Bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
