AUDUSD: Sell AudUsd @ 0.7900

Jim Langlands FX Charts

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

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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