AUDUSD: Neutral – Range trade

Jim Langlands FX Charts

24 Hour Outlook: Neutral

Medium Term: Neutral

Preferred 24-hour Strategy: Neutral – Range trade

After failing to hold the 0.7988 post-jobs data spike high yesterday, the Aud then fell hard, to a low of 0.7898 before another bounce after the ECB/Trump announcements, to close the day at 0.7955.

The momentum indicators are now mixed and a session of consolidation, within Thursday’s range would not really surprise although the RBAs Debelle will be speaking today and may attempt to talk the Aud lower.

A move back to the 0.7988 high could then see a run towards 0.8000 and then to 0.8015 although I don’t think we are going there today.

Minor support now arrives at 0.7935 and at 0.7920 would find stronger bids at 0.7900 and then again at 0.7875 and at 0.7840 although it seems unlikely to be seen down here 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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