7 Jul 2015
AUD/USD: Bearish outlook for 0.7193 longer term - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that AUD/USD has sold off to and is recovering from the bottom of the 2015 channel at 0.7425
Key Quotes:
"Rallies will find initial resistance at 0.7610, the 23.6% retracement and should ideally remain contained by the 0.7688 short term resistance line to remain directly offered. Beyond a small bounce, we remain negative and look for losses to the base of the 2 year channel at 0.7193 longer term."
"Near term the market remains offered below the 0.7688 short term resistance line. Above 0.7688 would allow for a deeper retracement to the current June high at 0.7848 and only above here would cause us to re-evaluate our bearish view."
Key Quotes:
"Rallies will find initial resistance at 0.7610, the 23.6% retracement and should ideally remain contained by the 0.7688 short term resistance line to remain directly offered. Beyond a small bounce, we remain negative and look for losses to the base of the 2 year channel at 0.7193 longer term."
"Near term the market remains offered below the 0.7688 short term resistance line. Above 0.7688 would allow for a deeper retracement to the current June high at 0.7848 and only above here would cause us to re-evaluate our bearish view."