AUDUSD: Selling rallies towards 0.7500

Jim Langlands FX Charts

The Aud had a choppy session, rising to a high of 0.7516 on the back of a soft US$, before the latter bounced and sent the Aud back below 0.7500, finishing at 0.7480, pretty much where it started the day.

Technically, the 1 and 4 hour charts have both turned to point a little lower today, and selling rallies is cautiously preferred although the dailies still look constructive, so I would not be looking for too much either way in the absence of any data to drive the Aud.

On the downside, minor support is seen at the session low of 0.7465 and then again at the22 May low of 0.7435, ahead of 0.7400/10 and the recent lows at 0.7384/88. Below this would open the way to the 12 May low of 0.7366 and 0.7350 (minor), ahead of the stronger 0.7330 level. Back below the 9 May low of 0.7328 would find little to hold the Aud up until 0.7300 and the rising trend support, at 0.7285, although this seems unlikely to be seen for a while.

On the topside, minor resistance will be seen at 0.7500 ahead of the session high of 0.7516. Above here looks unlikely today, but if wrong, look for a run towards 0.7545 and eventually to 0.7555.

For Wed, selling rallies towards 0.7500 would seem to be the plan, looking for a run back towards 0.7435. Place a SL above 0.7520.

Economic data highlights will include:

WBC Leading Economic Index, Construction Work Done

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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