ICmarkets
Long

Looking at the 0.76 handle for longs today.

FX:AUDUSD   Australian Dollar / U.S. Dollar
Failing to sustain gains above November’s opening line at 0.7659 in early Asia led to a rather dominant selloff throughout the day on Monday, which ended with the H4 candles cracking below support at 0.7632 (now acting resistance). What this latest move also accomplished, however, was opening up downside to the 0.76 handle. This psychological band is attractive, not only because it is positioned just beneath a 127.2% H4 Fib ext. point at 0.7607 (taken from the high 0.7700), but also due to it being located within the walls of a weekly demand area at 0.7571-0.7680 and its partner demand seen on the daily timeframe at 0.7571-0.7623.

Suggestions: While there remains downside risk in this market considering the strength of the bears since topping at 0.8125, the 0.76 hurdle looks appealing for a long. This is largely due to having the option of placing stops BELOW weekly demand mentioned above at 0.7571-0.7680.

As our current euro             trade is in good profits and well protected, we would consider buying from here today should 0.76 come into the fray. The first take-profit line, at least for us, would be the nearby the H4 resistance at 0.7632.

Data points to consider: Chinese industrial production y/y at 2am; FOMC member Evans speaks at 8.05am; Fed Chair Yellen speaks at 10am; US PPI m/m at 1.30pm GMT             .

Levels to watch/live orders:

• Buys: 0.76 region (stop loss: 0.7569).
• Sells: Flat (stop loss: N/A).
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