7 Aug 2013
Flash: AUD/USD downtrend dominant; targets at 0.8550, 0.8675 - ANZ
FXstreet.com (Barcelona) - Despite the 4-hourly momentum appears more constructive for a meaningful correction, according to Tim Riddell, Head of Global Markets Research at ANZ, "AUD/USD needs a breach of 90.70 to avoid yet further declines."
Key Quotes
"Slippage below 0.8925 will leave AUD firmly within the downtrend."
"The failure to close above 0.9300 and neutralising of momentum (rebounds in momentum, especially RSI breaching 50, reduced the divergence profile) now leave AUD at risk of continuing its slide towards the deep term retracement zone of 0.8550-0.8675."
"The lack of decent rebounds has allowed for an early test of consolidation channel support and increases the potential of extending to the deep retracement levels in the 0.8550-0.8675 area - but that could end this cycle. "
Key Quotes
"Slippage below 0.8925 will leave AUD firmly within the downtrend."
"The failure to close above 0.9300 and neutralising of momentum (rebounds in momentum, especially RSI breaching 50, reduced the divergence profile) now leave AUD at risk of continuing its slide towards the deep term retracement zone of 0.8550-0.8675."
"The lack of decent rebounds has allowed for an early test of consolidation channel support and increases the potential of extending to the deep retracement levels in the 0.8550-0.8675 area - but that could end this cycle. "