30 Jan 2014
AUD/USD price action screams sell rallies the way to go
FXstreet.com (Bali) - The AUD/USD market has proven once again well dominated by selling forces, with the risk off environment not helping the fortunes of the Aussie, which ended Wed NY at 0.8737 after a day high of 0.8825.
Sellers well in control, price communicates so
It is worth noting that the price behaviour by the Australian Dollar in Jan continues to provide clues that a firm trend is in place. The consistency on faking upside moves each time a positive input by the AUD is earned - ie sell rallies within 24h of upbeat retail sales, trade balance, cpi, nab business conditions - is a clear message about the intentions of the market.
AUD/USD exposed to further losses
The pair formed a sizable bearish outside day in the context of a well established downtrend, an event which does not bode well for the interest of buyers, which will probably see further downside should Wed low of 0.8725 be cleared, aiming at 0.87/8710 as next support ahead of 0.8665/80, last line in the sand before new trend lows.
Sellers well in control, price communicates so
It is worth noting that the price behaviour by the Australian Dollar in Jan continues to provide clues that a firm trend is in place. The consistency on faking upside moves each time a positive input by the AUD is earned - ie sell rallies within 24h of upbeat retail sales, trade balance, cpi, nab business conditions - is a clear message about the intentions of the market.
AUD/USD exposed to further losses
The pair formed a sizable bearish outside day in the context of a well established downtrend, an event which does not bode well for the interest of buyers, which will probably see further downside should Wed low of 0.8725 be cleared, aiming at 0.87/8710 as next support ahead of 0.8665/80, last line in the sand before new trend lows.