Weaker Than Expected Economics Still Cannot Dampen Aussie

Aussie

Employment data out of Australia shows that a paltry 0.4k jobs were created during the past month as analysts were expecting just over 15K. The unemployment rate in the nation also rose 0.1 percent to 5.3 percent after the figure was revised to 5.2 percent for January.

Intraday 25 pip Swing Point moves are Long above 0.09165 and Short below 0.9110. Momentum is strong. Favor a Trade Plan straddle: Long to T2 (40 pips), Short to T1 (25 pips). Main Sup and Res areas: 0.9250 and 0.8750. Daily price action is Neutral, into a Neutral trend (buy support set-up), and an upwards trading channel.

The overall trend changes to Short if 0.8750 is taken out. Aud Fundamentals are Strong. Previous 8 hour session range 40 pips. Weekly range 140 pips. Opened above the Neutral Swing Point with an initial Long bias.

Best moves between 8pm and 6am EST. Daily trading range is 115 pips. RSI is Neutral. SMA is @ 0.9070 and 0.9000. 12-month 96% correlation to Oil moves. Looking to buy-the-dip

Aud/Usd Daily View

Daily chart trend: Mixed. Main price points: 0.8577, and 0.9327 Looking for: Top of a blue wave (2)

A decline from the 0.9327 top to the 0.8577 lows was impulsive in nature (blue wave (1)), and looks to be part of a larger decline. We will be looking for a down-trend continuation once the current blue wave (2) finds a high somewhere below the 0.9327 region. A turning point on the Short side of the pair is expected.

Any break above 0.9327 would invalidate a current bearish wave count, and in that case we will look for a W-X-Y corrective count, as an alternative wave count.

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