AUDUSD: The initial resistance will be seen at 0.7550

Jim Langlands FX Charts

The commodity bloc is heavy today, with AudUsd under some pressure but currently propped up by the 100 DMA, at 0.7520. Watch out today for RBA Governor Lowe who will be speaking early in the session and also for the Q1 CPI, which will provide the scope for any directional move(exp 0.6%qq, 2.2%yy, Trimmed Mean; exp 0.5%qq, 1.8%yy). Technically, the dailies look pretty neutral so a cautious stance is required, but the 4 hour momentum indicators are heavy and a run towards 0.7490/0.7500 would not surprise, below which would target 0.7470 and then 0.7450. On the topside, the initial resistance will be seen at 0.7550 and then again at the session high of 0.7570. Selling rallies is mildly preferred.

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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