The Aussie dollar maintains positive tone on Thursday and retested strong barrier at 0.7815 (200SMA) but was so far unable to break higher.
The second rejection confirms that 200SMA is strong resistance and the pair may struggle further in attempts to break above.
Near-term action is also weighed by thickening daily cloud (cloud base lies at 0.7835) and multiple rejections at 200SMA could signal recovery stall.
Downbeat Australian jobs data in March when 4.9K new jobs were created vs 20.3K forecast, add to negative impact on near-term bulls off 0.7640 base.
Eventual break through 200SMA and penetration of daily cloud would generate stronger bullish signal for recovery extension.
Conversely, repeated close under 200SMA would signal extended sideways mode between 30/200SMA’s (0.7740/0.7815), while close below 30SMA would generate negative signal.
Res: 0.7815, 0.7835, 0.7851, 0.7900
Sup: 0.7764, 0.7751, 0.7740, 0.7720
