AudUsd has been the winner today, squeezing up from its opening levels, to finish at session highs of 0.7850. Further gains may be seen if the NAB Business Conditions/Confidence data is positive. There is also a speech by the RBA’s Luci Ellis at the ABE Forecasting conference, Sydney
1 hour/4 hour indicators: Turning higher
Daily Indicators: Down
Weekly Indicators: Neutral – Turning higher?
Preferred Strategy: The technical picture for the Aud is mixed again on Tuesday and a cautious stance is required. While the dailies still point lower, the 4 hour charts hint that the current bounce could continue and above the current levels could see an extension towards 0.7870/90 and possibly back to 0.7900/10. Th dailies still look heavy though and the downside will again see bids at 0.7800/10, at 0.7780 and at 0.7755/60 although I don’t see the Aud back below 0.7800 today.
Sell AudUsd @ 0.7900. SL @ 0.7930, TP @ 0.7830
Economic data highlights will include:
RBA Asst. Governor Ellis Speech, NAB Business Confidence/Conditions
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