AUDUSD: Minor support is seen at 0.7395/0.7400

Jim Langlands FX Charts

The Aud eventually made it up to 0.7466 after yesterday’s good jobs data but then headed steadily lower through the session, closing towards the lows of 0.7407.

Technically, the 1 and 4 hour charts look slightly negative on Friday, while the dailies still look mildly constructive and in the absence of any data it looks like being a choppy session near current levels.

If we do head higher we could see another test of minor resistance at 0.7440, beyond which could head on to 0.7465/70 where the minor descending trend resistance lies. Beyond there would open the way to the Fibo level at close to 0.7500 although probably not today.

On the downside, minor support is seen at 0.7395/0.7400 and at the recent lows at 0.7384/88. Below this would open the way to the 12 May low of 0.7366 and 0.7350 (minor), ahead of the stronger 0.7330 level. Back below the 9 May low of 0.7328 would find little to hold the Aud up until 0.7300 and the rising trend support, at 0.7285, although this seems unlikely to be seen for a while.

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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