AUDUSD: The downside looks reasonably well underpinned at 0.7755/65

The Aud has traded sideways on Monday (0.7751/82) but is ending at the highs, with the next direction to come">RBA Minutes, China Retail Sales, Industrial Production and GDP-Q1, all due today.

1 hour/4 hour indicators: Neutral

Daily Indicators: Turning higher

Weekly Indicators:  Neutral

Preferred Strategy:   The Aud looks a little mixed on Tuesday, with the short term momentum indicators in neutral but with the dailies looking quite positive.

If the upside prevails, then we could be in for a sterner test of 0.7785/90 beyond which could run back to 0.7800/10. Beyond here could see a run towards 0.7850 and then eventually to 0.7900.

The downside looks reasonably well underpinned at 0.7755/65 today but if we head back below 0.7750/45 today, further support would arrive at 0.7735 and 0.7720 below which could revisit 0.7705/95 (10 April low – 0.7693) although this currently seems unlikely.

Further out, the Aud has found a medium term base in the 0.7645/50 range, and this needs to be taken out in order to allow further downside progress towards the next major level, at 100 WMA (0.7625). Below this would then move towards the major rising trend support from January 2016, at 0.7590, although that may take a while.

Sell AudUsd @ 0.7810. SL @ 0.7855, TP @ 0.7745

Economic data highlights will include:

RBA Minutes, China Retail Sales, Industrial Production, GDP-Q1, NBA Press Conference

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