AUDUSD: Took a hit in late Asia/early Europe

The Aud took a hit in late Asia/early Europe and has been to a low of 0.7447 briefly, ahead of a bounce to current levels and now awaits the important Q1 Wage Price Index.(exp 0.6% qq, 2.6% yy) and the WBC Consumer Confidence .

1 hour/4 hour indicators: Mixed.

Daily Indicators: Turning Neutral

Weekly Indicators:  Turning lower

Preferred Strategy:   While the hourlies are trying to correct higher the 4 hour charts suggest that we are in for another test of the 0.7445/50 level.  Below there would then head towards the 9 May low of 0.7411. This is an 11 month low and decent buying interest should arrive at 0.7400/10. Below 0.7400, there really is not too much to hold it up ahead of Fibo support at 0.7385, the 1 June 2017 low at 0.7371 and the May 2017 low of 0.7328.

If the Wage Price Index comes in above expectations, a squeeze could take us back to 0.7485/0.7505, which I think would be a decent area to re-sell the Aud. Above here opens up 0.7525, ahead of the Tuesday high of 0.7537 although this seems unlikely to be visited today.

Sell AudUsd @ 0.7500. SL @ 0.7540, TP @ 0.7400

Economic data highlights will include:

Q1 Wage Price Index, WBC Consumer Confidence , China House Price Index – Apr

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