AUD/USD bulls are in control deep into resistance. There are prospects of a significant correction at this juncture. AUD/USD has rallied following a dip in the greenback and impressive domestic data. ”NAB March business conditions hit a record high, Westpac April consumer sentiment reached a 10 year high and job creation yet again smashed consensus in March,” analysts at Westpac explained. ”Hours worked are now above pre-pandemic levels and the 71k jobs gain cut the unemployment rate to 5.6%, despite a record high participation rate…Not that this means a change of stance by the RBA, with JobKeeper layoffs to become evident during Q2 and H1 2008-region unemployment rates likely to be necessary to stoke sufficient wages growth.” Meanwhile, however, we have also seen a strong case for investment into the US on the back of today’s US data. Retail Sales surged by 9.8% last month, according to the Commerce Department, sailing past the 5.9% consensus in a robust turnaround from February’s 2.7% decline. The Labor Department has also offered strong evidence that the US economy is shifting into high gear. The number of American workers filing new applications for unemployment benefits plunged last week to 576,000, 124,000 fewer than analysts expected. Also, the high level of jobless claims dipped below the 665,000 level seen at the nadir of the Great Recession for the first time since the COVID-19 crisis struck. The greenback would be higher on this good news if it were not for the drop in US yields. The 10-year yield has printed a low of 1.5390% and is down a whopping 6.23% at the time of writing, the lowest level in more than a month. A subsequent correction in US yields as investors plough into the US stock market could see the greenback surge again, especially if the focus were to turn to the decoupling between the US and EU lockdowns once again. ”But with global risk appetite resilient and DXY price action unimpressive, AUD/USD should extend gains towards 0.7775, finding buyers around 0.7670/80,” analysts at Westpac argued. AUD/USD technical analysis As per the prior analysis, AUD/USD Price Analysis: Bears seeking downside break into Jobs data, the price initially struggled as bears took on the bulls despite the positive data, and broke support. Prior analysis, 30-min chart Live market, 30-min chart However, as the risk-on sentiment kicked in, the bulls pack a punch and took over control as Europe came online. At this juncture, it is worth noting the resistance that the bulls are not out of the woods yet and that the DXY is approaching support: AUD/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next Fed’s Daly: Unlikely to see unwanted surge in inflation FX Street 6 months AUD/USD bulls are in control deep into resistance. There are prospects of a significant correction at this juncture. AUD/USD has rallied following a dip in the greenback and impressive domestic data. ''NAB March business conditions hit a record high, Westpac April consumer sentiment reached a 10 year high and job creation yet again smashed consensus in March,'' analysts at Westpac explained. ''Hours worked are now above pre-pandemic levels and the 71k jobs gain cut the unemployment rate to 5.6%, despite a record high participation rate...Not that this means a change of stance by the RBA, with JobKeeper layoffs… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.