AUDUSD: Sell @ 0.8035

Jim Langlands FX Charts

AudUsd is still trading at close to 0.8000, after climbing from the 0.7978 Asian low to a European/US high of 0.8026.

1 hour/4 hour indicators: Neutral

Daily Indicators: Up – Becoming Overbought

Weekly Indicators: Neutral – Turning higher?

Preferred Strategy: The longer term uptrend remains intact, although the daily charts warn of a correction, with the appearance of some bearish divergence in the 4 hour charts. It is a fairly light data calendar this week and a long w/e in Australia on Friday so external factors will drive price action. Right now a neutral stance seems best although I suspect that we may now be looking for areas to sell AudUsd, but with a tight stop loss in place. Note that the 200 MMA lies at 0.8055, which should be strong resistance.

Sell AudUsd @ 0.8035. SL @ 0.8065, TP @ 0.7950

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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