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    BRAND MARKET ANALYSIS AND NEWS AUDUSD update, Failure Swing in Play Market News

     

    AUDUSD, Daily

    The AUD trades higher today in the wake of the latest Australian CPI data which came in slightly better than forecasted. However, the AUD remains fragile and exposed to further commodities’ price swings.

    Technically, I spot a non-failure swing trade in play (see above chart A,B,C and the potential D target area). Current market price is above the tentative uptrend line, stochastic analysis is positive and at the time of writing price is above the 0.7015 resistance level. My conclusion supports long positions for short term traders for target 1 at 0.7090 and target 2 at 0.7130.

    Jan 27 AUDUSD SRL v1

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    John Knobel
    Senior Currency Strategist

    HotForex

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