30 Jul 2013
AUD/USD craters below recent trading range on Stevens’ speech
FXstreet.com (Barcelona) - The Aussie Dollar / US Dollar (AUDUSD) cross was hammered down through short-term support at 0.9131 and is on the verge of breaking next support at 0.8997 following RBA Governor Stevens’ dovish comments Tuesday.
AUD/USD traders readying themselves for a big move in either direction
With the Reserve Bank of Australia’s Governor Glenn Stevens basically throwing gasoline on an already intense fire of Aussie Dollar bearishness Tuesday, the AUD/USD blasted through to new short-term low levels. Stevens’ dovishness surprised even the most Aussie-bearish traders out there and the AUD/USD lost all footing.
Technical outlook for AUD/USD
With today’s breakdown, technicians are saying that AUD/USD needs to hold the 7/12 intraday low of 0.8997 in order to maintain some hope for desperate bulls. Below that level, no support comes into play until long-term horizontal line support at 0.8770. Short-term resistance now comes in at 0.9131 – the broken support level. Past that, 0.9295 (Friday’s high) would be the next resistance level.
AUD/USD traders readying themselves for a big move in either direction
With the Reserve Bank of Australia’s Governor Glenn Stevens basically throwing gasoline on an already intense fire of Aussie Dollar bearishness Tuesday, the AUD/USD blasted through to new short-term low levels. Stevens’ dovishness surprised even the most Aussie-bearish traders out there and the AUD/USD lost all footing.
Technical outlook for AUD/USD
With today’s breakdown, technicians are saying that AUD/USD needs to hold the 7/12 intraday low of 0.8997 in order to maintain some hope for desperate bulls. Below that level, no support comes into play until long-term horizontal line support at 0.8770. Short-term resistance now comes in at 0.9131 – the broken support level. Past that, 0.9295 (Friday’s high) would be the next resistance level.