24 Jul 2013
AUD/USD in weekly lows below 0.9200
FXstreet.com (Edinburgh) -The Aussie dollar is extending its intraday decline on Wednesday, dragging the AUD/USD to test fresh weekly lows in the area of 0.9155/60.
AUD/USD bear trend resumes
The pair has been rejected from the proximities of 0.9300 the figure once again, opening the door for further weakness in light of the next RBA meeting due in early August. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at .9388/.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched”.
AUD/USD levels to watch
The pair is now losing 1.69% at 0.9139 and a breach of 0.9038 (low Jul.3) would expose the psychological support at 0.9000 and finally 0.8871 (high July 2007). On the upside, the initial barrier aligns at 0.9320 (high Jul.24) followed by 0.9330 (high Jun.26) and then 0.9345 (high Jun.24).
AUD/USD bear trend resumes
The pair has been rejected from the proximities of 0.9300 the figure once again, opening the door for further weakness in light of the next RBA meeting due in early August. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at .9388/.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched”.
AUD/USD levels to watch
The pair is now losing 1.69% at 0.9139 and a breach of 0.9038 (low Jul.3) would expose the psychological support at 0.9000 and finally 0.8871 (high July 2007). On the upside, the initial barrier aligns at 0.9320 (high Jul.24) followed by 0.9330 (high Jun.26) and then 0.9345 (high Jun.24).