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
Weekly AUDUSD Chart