AUD/USD Limit Sell at 0.9165*

The Aussie has been quite volatile as traders are unsure if prices above 0.9200 can be justified in the current state of the global economy.

Employment data came in below estimates with the economy adding 400 jobs in February, below analyst estimates that saw a 15K increment. Full time employment increased by 11,400, while part-time jobs were cut by 11,000. The unemployment rate remained unchanged at 5.3%.

Chinese data continued to show strength but concerns over further policy tightening are increasing. Inflation was much higher than expected with the CPI printing at 2.7% vs. 1.5% prior and PPI rising by 5.4% vs. 4.3% prior. New loans remained strong at 700B, retail sales were much higher, while industrial production came in below estimates.

The sharp retracement from 0.9193 yesterday suggests their is strong selling pressure around the area.

Trend:

Weekly : Sideways
Daily: Bullish
Hourly: Sideways

Support & Resistance:

From current levels, 0.9160, the pair finds initial resistance at 0.9213, followed by 0.9280, and 0.9330.

Support to watch is the 0.9153 followed by the 0.9130 level, 0.9113 and 0.9064.

Strategy:

*(Lowered from 0.9168) Limit Sell @ 0.9165 Targets: T1 0.9145 – T2 0.9077 Risk: 0.9220
* After 15 pips profit move stop to entry, take profit at will. Trade is canceled if it rebounds near entry and moves higher by 20 pips. Comments will follow if outlook changes.

DISCLAMER: The above post is for information only. Before making your investment decisions please acknowledge that the information provided herein should not be taken without your own individual assessment and extensive investigation, it should not be preempted as your own trading strategies, investment advice and/or trading portfolio.
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