AUDUSD trades sharply higher after better than expected retail sales data. The retail sales increased by 8.2% in March as consumers stockpile groceries amid the coronavirus outbreak. March retail sales for food, toilet and tissue paper, almost doubled, while electronics and office supplies also came stronger than expected. Yesterday reported that the number of jobs in Australia dropped by 6% in March. The Reserve Bank of Australia projects a GDP contraction by almost 10% in the first half, and the unemployment rate to rise to 10%.
On the technical side, initial resistance for the pair stands at 0.6351 the daily high. The next offer zone will be met at 0.6396 the high from April 20. The next hurdle stands at 0.6443 the high from April 15.
On the contrary, immediate support will be met at 0.6274 the daily low. The next critical support stands at 0.6263 the low from yesterday’s trading session. The low from April 9 at 0.6194 will provide the next support zone.