30 Jan 2015
AUD/USD licking its wounds having scored yet further o/n lows
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7782 but has been to the lowest levels since July 2009 at 0.7720 in the US session.
AUD/USD is licking its wounds in Asia, with Gold dropping over $25 bucks as a backdrop. The commodity currencies on a whole were offered and plentiful in supply with demand for the greenback again. Analysts at TD Securities explained that the soft undertone to AUD/USD price action that accumulated through late 2014 has become much more pronounced in the very early stages of 2015. "There can be little doubt about the technical outlook from here in the medium-to-longer term, at least—the AUD is heading lower."
The analysts noted that there is nothing in the way of obvious support for the AUD now ahead of 0.7204 (76.4 retracement of the 2009/11 rally). "If the weekly patterns are correct, the AUD will not stop there. Trend momentum oscillators are broadly bearish, reinforcing the downside outlook."
AUD/USD is licking its wounds in Asia, with Gold dropping over $25 bucks as a backdrop. The commodity currencies on a whole were offered and plentiful in supply with demand for the greenback again. Analysts at TD Securities explained that the soft undertone to AUD/USD price action that accumulated through late 2014 has become much more pronounced in the very early stages of 2015. "There can be little doubt about the technical outlook from here in the medium-to-longer term, at least—the AUD is heading lower."
The analysts noted that there is nothing in the way of obvious support for the AUD now ahead of 0.7204 (76.4 retracement of the 2009/11 rally). "If the weekly patterns are correct, the AUD will not stop there. Trend momentum oscillators are broadly bearish, reinforcing the downside outlook."