10.04.201406:27 Forex Analysis & Reviews: Forecast for AUD/USD for April 10, 2014

Australia's unemployment rate fell to 5.8% in March from 6.1% in February, official figures showed.The total number of people with jobs rose 18,100 (seasonally adjusted) to 11.55 m, the Australian Bureau of Statistics figures showed just. Full-time employment fell 22,100 to 8.02 m in March and part-time employment was up 40,200 to 3.52 m. Chinese exports was at an annual rate of -6.6% in March (expected +4.8%, previous -18.1%). China March imports came in at -11.3% (expected +3.9%, previous +10.1%). China's total import and export turnover was 965.88 billion U.S. dollars, down 1%.

Technical view-

The pair started looking down side after the Chinese data yad been printed below expectations. The pair is trading at 1.9415 in Asia. It is facing strong resistance at 0.9450 levels. In the daily and hourly charts, the RSI is in overbought conditions. I expect the upside to be limited and set for correction like GBP/USD and EUR/USD. But regarding AUD/USD, we expect a deep correction towards 0.9242 levels, with intermediate support at 0.9363, 0.9297, and 0.9280 levels.

On the upside, if the pair trades above the 0.9450 level, it will jump to 0.9550 and 0.957 immediately.

Recommendations-

Positional- sell on every rise with sl 0.957 and (cb) targets 0.92; cmp 0.9415.

Intraday- buy above 0.9450 for targets at 0.9550 and 0.957.