The Aussie dollar dips more than a percent closed again below 20Dsma as traders walk out from the riskier assets. The selling started with USDJPY extended to most of the riskier assets on Thursday’s session.
What’s on today?
China March Trade balance (USD), export and import data on year on year basis
FOMC Member Dudley Speaks
Ahead of the China data, the price is trading at 0.7510.
On the four hour chart, the price has been forming a bearish h&s pattern. Neckline finds between 0.7475 and 0.7510 and the shoulders seem at 0.7650.
As per the pattern, the downside retracement come to 0.7425 initially. The 200 moving averages find between 0.7470 and 0.7460. The parallel swing low finds at 0.7415 levels.
Flips side, 20dsma seems at 0.7575 levels.