Having consolidated around 0.7770 levels almost throughout the Asian session this Thursday, the 18 April AUDUSD Fundamental Outlook shows that the pair came under fresh selling pressure in the European session and hit a daily low at 0.7744 before attempting a tepid bounce ahead of the midpoint of the 0.77 handle. What is more?
18 April, GKFX – The 30-pips tumble seen in the Aussie in early trades was mainly driven by resurgent USD demand across the board, as rising Treasury yields amid upbeat US fundamentals and risk-on lifted the sentiment around the buck.
Also, the bulls turn cautious ahead of the key Australian employment data due tomorrow at 0130 GMT, despite another solid month of solid growth expected in the labor market. In the meantime, the USD dynamics and broader market sentiment will continue to have a major bearing on the spot.
18 April AUDUSD Fundamental Outlook
According to Jim Langlands at FX Charts,
“if the positive look from the dailies prevails, then we could be in for another run to 0.7790 and back to 0.7800/10, above which could see a run towards 0.7850 and then to 0.7900.
If we head back below 0.7760, bids would arrive at 0.7750/45, with further support seen at 0.7735 and 0.7720, below which could revisit 0.7705/95 (10 April low – 0.7693) although this currently seems unlikely.”
This article 18 April AUDUSD Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.