AUD/USD Downside Bias Targets Key 0.9208/00 Area
Steve Miley | Jul 31, 2014 02:56AM ET
AUD/USD: tops for bear bias
We stated in our last report that “we see a defensive bias, with risk through midweek lower for .9360, .9330 and maybe through .9322”.
Having setback from the range resistance area at .9420/25 as we had flagged, the plunge through .9322 completes a strong topping structure and favours further bearish pressures into early August.
We now see a downside bias to target .9258, .9230 and then the key .9208/00 area.
This area should hold a first approach, but surrender would signal an intermediate term top and bear tone.
WHAT CHANGES THIS?
Above .9355 eases bear risks; through .9420/25 signals a neutral tone, only shifting positive above .9470/72.
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