6 Jul 2015
AUD/USD: 0.7700/7848 needs to give for the bulls - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that AUD/USD has sold off to beyond the 0.7534 April low and into new 5 year lows.
Key Quotes:
"We noted the sell signal from the cloud last week (lagging line has dropped below the cloud). The break below .7534 has already reached the bottom of the 2015 channel at 0.7425 and beyond a small bounce targets the base of the 2 year channel at 0.7193 longer term. Near term the market remains offered below the 0.7700 short term resistance line. Above 0.7700 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:
"We noted the sell signal from the cloud last week (lagging line has dropped below the cloud). The break below .7534 has already reached the bottom of the 2015 channel at 0.7425 and beyond a small bounce targets the base of the 2 year channel at 0.7193 longer term. Near term the market remains offered below the 0.7700 short term resistance line. Above 0.7700 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."