Data released in China earlier on Thursday showed a sharp rise in the March Trade surplus.
While Aussie economy added 60,900 jobs in March, which is significantly higher than the expected figure of 20K.
Broad-based USD weakness following Trump’s comments on the greenback adding to upside support.
AUD/USD spikes above 200-DMA and is currently pausing upside at major resistance at 0.7585, bias remains higher.
Stochs have rolled over from oversold levels and is biased higher.
We see scope for test of 50-DMA at 0.7624. Violation there could see further upside upto 0.7680 (March 30 high)
Good to go long on dips around 0.7560/70, SL: 0.7520, TP: 0.76/ 0.7620/ 0.7680
Retraced from highs of 0.7595 to close below trendline resistance.
Downside is holding support at 200-DMA, break below could see weakness.
Focus remains on US datasets, including retail sales and CPI, due later in the NA session for further impetus.
Aussie ignores support from data, remains subdued by escalating geopolitical tensions, which tends to drive flows away from higher-yielding currencies.
A break above 20-DMA could see further upside.