AUD Trading Outlook
Australian Dollar (AUD) had a very volatile 24 hours surging on strong March Jobs data and hitting week highs above 1.0450 before the Chinese data shock. The commodity currency then fell sharply lower. The Chances of a return to the downtrend are very real now the China slowdown has been confirmed.
Australian Dollar (AUD) the AUD/USD tracked US stocks higher and we saw a sharp spike to fresh week highs on strong March Jobs numbers. Forecast at +6k we saw a +44k result and the AUD/USD is threatening resistance at 1.0380.
Australian Dollar (AUD) the AUD/USD came under pressure with risk off trade in Europe reversing an earlier rally to 1.0350 and falling to fresh multimonth lows near 1.0230. April Consumer sentiment fell along with housing finance and this adds to calls for the RBA to cut rates in May. Looking ahead, March Unemployment Change forecast at 6.7k vs. -15.4k previously.
Australian Dollar (AUD) stopped falling even with the hot Chinese CPI number finding support at 1.0260 and bouncing above 1.0300. The AUD/USD has been steadily falling for the last 4 weeks and could test Parity soon if the EUR/USD falls and China continues to falter. Looking ahead, March AUD Business Confidence Index previously at 1.
Australian Dollar (AUD) continued to trend lower but found support just above the previous low of the week near 1.0260 and able to consolidate at these levels. AUD/JPY has fallen near 5 Yen since the selling began a few weeks ago and is threatening to drag the major to parity.
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