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FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook 
FxWirePro- Major Pair levels and bias summary 
FxWirePro:EUR/AUD eases but bullish outlook persists 
- Australia retail sales unexpectedly dropped 0.1% m/m in March, compared to the 0.3% expected.
- Aussie dumped across the board, AUD/USD hits fresh 4-month lows of 0.7362.
- Traders ignore Monday's NAB business conditions and confidence indices which printed at multi-year highs.
- Housing market concerns and the weakness in the commodity prices likely to keep downside pressure.
- Focus now shifts to Australia budget presentation later in the day. An expansionary fiscal policy could provide some respite to the AUD.
- Technical studies are bearish. We see scope for further downside.
- The pair has broken below 61.8% Fib retrace of 0.7160 to 0.7749 rally and is on track to test 78.6% Fib at 0.7286.
Support levels - 0.7311 (Nov 21, 2016 low), 0.7286 (78.6% Fib & trendline), 0.72
Resistance levels - 0.7385 (61.8% Fib of 0.7160 to 0.7749 rise at 0.7385), 0.74 (5-DMA), 0.7430 (Dec 15 2016 & May 4 highs)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-consolidates-Wednesdays-slump-finds-respite-from-Governor-Lowess-hawkish-comments-680056) has hit TP1&2.
Recommendation: Book partial profits at lows. Lower trailing stop to 0.7400. Stay short for further downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -157.925 (Bearish), while Hourly USD Spot Index was at 8.77746 (Neutral) at 0210 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
