|24 Hour: Prefer to sell rallies||Medium Term: Mildly Bearish.|
Preferred Strategy: The momentum indicators are mixed on Monday, with the short term charts looking mildly positive, although at the same time the dailies look increasingly negative, so a cautious stance is required, with any directional move likely to come via the Chinese data.
Once again, trading from the short side, selling rallies, with a SL above 0.7945 could be a plan for Monday although I doubt that we head below Friday’s 0.7838 low today.
Economic data highlights will include:
M: China Retail Sales, Industrial Production, Urban Investment (July)
T: New Motor Vehicle Sales, RBA Minutes
W: WBC Leading Economic Index, Wage Price Index
F: China House Price Index
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