fbpx

AUDUSD Rebound, But Bear Bias Intact Into Employment Report

Technical Analysis

Video Analysis

A rebound effort on Wednesday, but the bear trend remains intact into a key data event. On Thursday 16th April at 12.30 pm local time, the Australian Employment report (Employment Change and Unemployment rate) should given insight to the potential for a possible rate cut.

AUDUSD Chart Still Aims Lower

A better consolidation bounce Wednesday, but the previous push this week down through trend line/ chart supports reinforced bearish pressures from the late March Weekly Gravestone Doji and leaves bias for further losses into April.

Short/ Intermediate-term Outlook – Downside Risks:

  • For April we see a negative tone with the bearish threat through the April low at .7533 and to the psychological/ option target at .7500.
  • Below aims for a key chart level from 2009 at .7267.
  • Through here even sees risk to the 78.6% retracement of the entire 2008-11 rally at .7095.

What Changes This? Above .7741 signals a neutral tone, only shifting positive above .7939.

Daily AUDUSD Chart

AUDUSD

Weekly AUDUSD Chart

Weekly AUDUSD

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


Popular Brokers