AUDUSD: Buying dips is probably still the plan

Jim Langlands FX Charts

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.

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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