6 Mar 2015
AUD/USD re-test of 0.7590 likely – SG
FXStreet (Barcelona) - Analysts at Societe Generale, view that technicals suggest AUD/USD is set to move lower towards 0.7590 and even 0.7200, with any probable rebound in the pair likely to be temporary.
Key Quotes
“After testing the dual channel support near 0.7590 last month, the AUD/USD rebounded towards the upper limit of the internal channel (0.7960).”
“Daily RSI has retraced from the graphical level of 50% and is hovering close to a descending trend line resistance, suggesting upside is likely to be limited.”
“We note that the pair gave a break below a multiyear descending channel last year and the limit at 0.83 will remain a key resistance.”
“Monthly RSI is breaking below a pivotal floor and the current rebound is likely to be temporary.”
“A re-test of 0.7590 looks likely.”
“Ultimately, the pair is poised to drift even lower towards the decadal channel limit at 0.72.”
Key Quotes
“After testing the dual channel support near 0.7590 last month, the AUD/USD rebounded towards the upper limit of the internal channel (0.7960).”
“Daily RSI has retraced from the graphical level of 50% and is hovering close to a descending trend line resistance, suggesting upside is likely to be limited.”
“We note that the pair gave a break below a multiyear descending channel last year and the limit at 0.83 will remain a key resistance.”
“Monthly RSI is breaking below a pivotal floor and the current rebound is likely to be temporary.”
“A re-test of 0.7590 looks likely.”
“Ultimately, the pair is poised to drift even lower towards the decadal channel limit at 0.72.”