AudUsd is back at 0.7700, as the difficult, choppy sideways trade continues, and from the look of the charts we could be in for a similar session looking likely again today.
The short term momentum indicators are mixed and although the 4 hour charts look positive, the indicators are becoming overbought, which may limit the upside momentum. Further out, the dailies are beginning to show the first signs of heading higher, albeit without any real conviction, but if they do pick up speed it could be that we head towards 0.7740, which should be strong resistance and where I would be tempted to sell it at the first attempt, with a SL placed above the November high of 0.7777. On the downside, support will be seen at 0.7680/85 (minor) ahead of Friday’s low of 0.7662. Below here looks unlikely at present, but further support would arrive at 0.7650 (minor) and at 0.7630. I remain neutral unless we see 0.7740, and in the longer term I think we probably remain in the wide 0.7500/0.7750 range for some time to come.
Economic data highlights will include:
M: WBC Consumer Survey (Q4)
T: CB Leading Indicator, House Price Index (Q4), RBA Minutes
W: WBC Leading Index
T:
F:
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