AUDUSD: Remains heavy but off its lows of 0.7686

Jim Langlands FX Charts

The Aud remains heavy but off its lows of 0.7686, confined to a narrow range, with the pair unable to make headway in either direction despite copper and iron-ore heading lower. Today’s focus will be on the Q4 domestic House Price Index (exp 0.0%, prior -0.2%) and the RBA minutes. Thursday’s Unemployment will be the major local focus this week.

1 hour/4 hour indicators: Turning higher?

Daily Indicators: Turning lower

Weekly Indicators: Turning lower?

Preferred Strategy: The short term momentum indicators are oversold and appear to be trying to turn higher today although the dailies are tilting lower, and selling rallies would appear to be the theme.

Overall, I prefer the downside still, and if correct, below 0.7685/90 would allow a move towards 0.7645, with only minor support at 0.7670 lying ahead of that. Under there would allow a move to the 100 DMA (0.7615) and to major rising trend support 0.7570, although that may take a while.

On the topside, resistance will be seen at 0.7725 and then at 0.7740 and 0.7770.

Prefer to sell rallies

Sell AudUsd @ 0.7760. SL @ 0.7785, TP @ 0.7650

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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