AUD/USD: 0.7850EUR/USD: 1.0970Currencies remain fairly rangebound today despite a bad miss by the US Durable Goods data although the equity markets have had a tough session, falling by around 1.5% and giving up all the enthusiasm following the post-FOMC gains. With little data due today, the currencies could again chop sideways while waiting for tomorrow's important US GDP figure. Today's focus will be on the German Consumer Confidence and the US Jobless Claims, while from the UK we get the Retail Sales.
The Aud is a little lower today without doing any major damage after a 0.7829/0.7904 range, but is closing near the lows and looks a little heavy. In the absence of any major data it could be a quiet session but the short term indicators do suggest the chance of a slow drift lower.
Nearby support lies at 0.7830, a break of which would see the Aud head towards the 100 HMA at 0.7805 and then to 0.7775 although this may be a stretch too far today.
The topside will again find sellers at 0.7860, 0.7880 and at 0.7900 although I don’t see this being bothered today. If wrong further advances would suggest a run to the previous session high at 0.7935 above which would open up the chance for a bigger squeeze, with the potential to revisit the Fibo resistance at 0.8010 (61.8% of 0.8294/0.7559) and the pivot level at 0.8025.
Look for 0.7800/0.7875 to cover it for the bulk of the session.
Jim LanglandsFX Charts www.fxchartsdaily.com
