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Short

Technical thoughts going into today's Aussie data...

FX:AUDUSD   Australischer Dollar/U.S. Dollar
The commodity-linked currency began the day on a strong footing, after whipsawing below the 0.79 handle and connecting with a H1 demand base at 0.7882-0.7895 (this was a noted zone for possible longs – well done to any of our readers who managed to take advantage of this area). The move, as you can see, lifted the pair up the H4 mid-level resistance at 0.7950, before collapsing lower in dramatic fashion, ending the day clocking lows of 0.7875.

On the weekly timeframe , there’s room for the sellers to extend as far south as the 2018 yearly opening level at 0.7801. Daily price on the other hand, remains within the lower limits of a daily support area at 0.7897-0.7870 but does look incredibly vulnerable at this point.

Potential trading zones:

Judging by the weakness seen within the daily support area , and room to press lower seen on the weekly timeframe , a short on any solid retest seen at 0.79 on the H4 timeframe (see arrows) could be an option today, targeting the H4 mid-level support at 0.7850, followed closely by daily demand at 0.7807-0.7841 (the next downside target on the daily scale beyond the current daily support area ) and then weekly support at 0.7801.

Data points to consider: AU . Retail sales m/m and trade balance at 12.30am; RBA statement and cash rate at 3.30am GMT             .
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looking at .77, weekly has room
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