AUDUSD: Stronger resistance would then be seen at 0.7700/15

Jim Langlands FX Charts

The Aud broke down to a low of 0.7587 in early European trade, before a decent bounce to 0.7654 as risk assets came back into favour, before finishing the day at 0.7635, sitting right at the top of the daily cloud.

The 4 hour and daily momentum indicators now look mixed so a neutral stance is required today but the dailies still look heavy, so a move back towards support at 0.7590 may be possible in the days ahead. If we head below 0.7590 we may then see a drop towards 0.7550/60, which should act as strong support. On the topside, back above the session high of 0.7654 would then open the way back towards 0.7665/75 and then towards 0.7690/00. Stronger resistance would then be seen at 0.7700/15 and then again at 0.7740/50. Selling rallies remains the preferred trade although I would keep stops tight above 0.7680.

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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