AUDUSD: Stand aside and go with the flow after the data
|AudUsd is trading at 0.8000 after running up to 0.8022 after the BOC raised Canadian rates and with a very busy day of data ahead today we might expect some decent volatility. The main focus will be on the Australian December Unemployment (exp 5.4%, +9K, PR: 65.4%) and the China Q4 GDP (exp 1.6% qq, 6.7%yy).
1 hour/4 hour indicators: Up
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 so a cautious stance is warranted. Stand aside and go with the flow after the data.
Economic data highlights will include:
T: Australian Unemployment, New Home Sales, China House Price Index, Retail Sales, Industrial Production, Q4 GDP, NBS Press Conference
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