Despite Upside Rallies, AUDUSD Bears Test Lows on the Level at 0.6265

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AUDUSD Price Analysis – April 16

During the European session, the AUDUSD pair dropped further while testing the low level of 0.6265 into the American session as Australia’s positive labor market data performed poorly to propel the AUD. The Australian Bureau Statistics (ABS) announced that Australia’s jobless rate ripped up to 5.2 percent from 5.1 percent in March.

Key Levels
Resistance Levels: 0.7031, 0.6684, 0.6462
Support Levels: 0.6213, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging

There’s no obvious indication of a trend reversal in the broader context yet. The larger downward trend from the level of 0.7031 (high) level still favors extending. The forecasts for 1.1079 to 0.6878 from 0.8135 to 0.5506 have already been reached at 61.8 percent.

Thus the sustained split opens the path to the level of 0.4773 (low). On the upside, it requires a break of 0.6684 support turned resistance level to conclude medium to long term bottom. Otherwise, even in the event of a strong recovery, the trend may stay bearish.

AUDUSD Short term Trend: Bullish

The AUDUSD intraday bias stays bullish at first. On the contrary, a breach of 0.6213 resistance turned support level may contend that it has finalized a bounce from 0.5506 level. For validation, intraday bias may be adjusted back to the downside at 0.5959 support level.

On the upside, a breach of 0.6434 level may broaden the recovery from 0.5959 to 0.6612 levels, which is close to 0.6684 main resistance level, to a 100 percent forecast of 0.5506 to 0.6213 levels.

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