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


Weekly AUDUSD Chart


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