AUDUSD: The short term momentum indicators are still looking constructive
|AudUsd took advantage of the risk-on mood and reached 0.9365 in Europe, although having run out of steam there, it then fell to 0.7890 ahead of a recovery to end the day at 0.7935. We now await the RBA Governor Lowe who will be speaking shortly.
1 hour/4 hour indicators: Mixed. Turning higher.
Daily Indicators: Neutral
Weekly Indicators: Neutral
Preferred Strategy: The short term momentum indicators are still looking constructive, today, suggesting a possible return to 0.7965 and possibly on towards 0.7990/0.8000.
The dailies are now rather neutral, giving little hint either way, and I suspect it may be a mostly rangebound session, with the real direction being driven by the US$. If that sees a rally, which looks doubtful, then support for the Aud will arrive at 0.7890/0.7900 ahead of 0.7850 and 0.7825.
Economic data highlights will include:
RBA Governor Lowe Speech, China New Year
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.