AUDUSD: Stand aside until the Australian unemployment figures
| 24 Hour Outlook: Neutral | Medium Term: Neutral |
Preferred 24-hour Strategy: The longer term momentum indicators are pointing increasingly higher and a run to 0.8000 looks likely although the RBA will not like the Aud up here. I hesitate to buy it, but don’t stand in the way and try to sell it. Stand aside until the Australian unemployment figures. These have been quite solid recently and another good number is expected today. We may also see some volatility through the crosses after the BOJ/ECB statements.
The Aud has seen a slow grind higher on Wednesday, reaching 0.7960 where it has been stalled by some selling of AudJpy.
The 4 hour indicators remain at overbought extremes, but not wanting to stand in the way of a moving train, further gains could easily see a run towards 0.7975 and then to 0.8015.
Minor support now arrives at 0.7900/10 and then again at 0.7875 and at 0.7840 although it seems unlikely to be seen down here today.
Economic data highlights will include:
NAB Business Conditions/Confidence (Q2), Unemployment
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.
