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AUDUSD: Intraday Rally Bucks Broader Downtrend, New April Highs

AUD
  • More buoyant price action for major equity indices, as well as an extension of US dollar weakness has seen antipodean currencies outperform on Thursday with both AUD and NZD rising around 1.5% against the USD.
  • For AUDUSD, an additional tailwind was firmer jobs data overnight, with both the employment change and the unemployment rate coming in better than expectations. The continued strength has seen the pair rise to a new seven-week high of 0.6797.
  • On the tech side, AUDUSD has topped the 50-day EMA convincingly on Thursday amid the widespread greenback weakness. This works against the broader downtrend, leaving a break below 0.6565 a requirement for any resumption of the downtrend and continuation of the bear cycle.
  • Key short-term resistance at the April 04 high has been breached in recent trade and attention now turns to 0.6824, the Feb 24 high.
  • There is no further domestic data this week which should leave the pair at the mercy of broader USD themes and the outcome of Friday’s US retail sales and UMich sentiment data.
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