AUDUSD: The 4 hour/daily momentum indicators looking increasingly positive

Jim Langlands FX Charts

AudUsd remains firm on Friday although the Thursday range has been a tight 0.7603/38, and it could be a similar outcome today in the absence of any data and thin holiday markets.

With the 4 hour/daily momentum indicators looking increasingly positive, a test of the H/S neckline formation at 0.7660 would not surprise, above which would find further sellers at the 13 Nov high of 0.7665. Beyond this would then allow a run towards 0.7675/80 and possibly 0.7695/0.7700.

The downside will again find minor support at 0.7590/0.7600 and then at 0.7565 and 0.7550 ahead of the stronger 0.7530/35, area, which will continue to be strong, but below which would target Fibo support at around 0.7515. A break of this would then look towards 0.7485 and 0.7460/70 (Rising trend support) albeit this is some way off.

Preferred Strategy: In the absence of any data and due to a holiday-thinned market, a quiet day near current levels would not surprise.

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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