AUDUSD: Stand aside and go with the flow after the data

Jim Langlands FX Charts

AudUsd is trading at 0.8000 after running up to 0.8022 after the BOC raised Canadian rates and with a very busy day of data ahead today we might expect some decent volatility. The main focus will be on the Australian December Unemployment (exp 5.4%, +9K, PR: 65.4%) and the China Q4 GDP (exp 1.6% qq, 6.7%yy).

1 hour/4 hour indicators: Up

Daily Indicators: Up

Weekly Indicators: Neutral

Preferred Strategy: The longer term uptrend remains firmly intact so buying dips is probably still the plan although the short term momentum indicators are showing some bearish divergence so a cautious stance is warranted. Stand aside and go with the flow after the data.

Economic data highlights will include:

T: Australian Unemployment, New Home Sales, China House Price Index, Retail Sales, Industrial Production, Q4 GDP, NBS Press Conference

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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