AUDUSD: Buying dips is probably still the plan
|AudUsd is trading back at 0.8000 after a dip in Asian trade to a low of 0.7941 but underpinned by the good China growth figures seen last night (Q4 GDP +6.9%). The momentum indicators do generally point higher and a retest of yesterday’s 0.8022 may be on the cards, above which would allow 0.8035/0.8055. There is no data due today, so a rangebound session near 0.8000 looks more likely.
1 hour/4 hour indicators: Neutral Turning higher?
Daily Indicators: Up
Weekly Indicators: Neutral
Preferred Strategy: The longer term uptrend remains firmly intact, so buying dips is probably still the plan although the short term momentum indicators are showing some bearish divergence and a cautious stance is warranted. Stand aside today.
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