AUDUSD: Resistance will be seen at 0.7710 and 0.7725
|The Aud is lower today after Donald Trump’s China announcement, having previously been weighed down by the disappointing domestic jobs data. Having seen an early high of 0.7785, the price action has been choppy but mostly heavy in reaching 0.7686 ahead of a minor bounce to finish at 0.7700.
1 hour/4 hour indicators: Turning higher.
Daily Indicators: Possible basing formation.
Weekly Indicators: Turning lower?
Preferred Strategy: While the momentum indicators are a little mixed, I still prefer the downside overall as I think the US/AU yield differential will eventually weigh on the Aud. China concerns will only add to the risk-off mood. If correct, support today will arrive at 0.7685 and then at 0.7670. Below that would allow a move towards 0.7645, below which would allow a move to the 100 WMA (0.7625) and to major rising trend support 0.7570, although that may take a while.
On the topside, resistance will be seen today at 0.7710 and at 0.7725. Above there could stretch back to 0.7750 and to 0.7785 although this seems doubtful. Selling rallies is preferred.
Sell AudUsd @ 0.7725. SL @ 0.7755, TP @ 0.7670
Economic data highlights will include:
Unemployment – Feb
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.