AUDUSD: The short term momentum indicators are pointing sharply higheR

Jim Langlands FX Charts

AudUsd collapsed to 0.7776 following the US CPI before roaring back after the weak Retail Sales data, to finish the session at the high of 0.7933. We now await the Australian Unemployment figures (exp +15k, 5.5%).

1 hour/4 hour indicators: Up

Daily Indicators: Neutral

Weekly Indicators: Neutral

Preferred Strategy: The short term momentum indicators are pointing sharply higher today, suggesting a run towards 0.7945 and possibly on towards 0.7990/0.8000.

The dailies are now rather neutral, giving little hint either way and I think ahead of the unemployment data a neutral stance is prudent, beyond which, go with the flow. Technically, it does look as though a test of 0.8000 is on the cards.

Economic data highlights will include:

Consumer Inflation Expectation, New Motor Vehicle Sales, Unemployment, China New Years Eve

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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