OANDA:AUDUSD   Australian Dollar / U.S. Dollar
We are short AUDUSD and see a bearish engulfing pattern identified by the candlesticks with black arrows, however there could be a potential counter attack if the resistance level of 0.713 is breached. However we expect the downtrend to continue despite better than forecast Australian retail sales (0.8% actual vs 0.3% expected). This is because the RBA don't appear to be inclined to raise rates in the near term having held having held the cash rate to 1.5% on the 02.04.19. Strong US data starting with today's non farm payrolls and unemployment rate could lead to further downside for AUDUSD .
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