AUD/USD This Week: Downside Pressure Remains Dominant
Mike Macdonald | Dec 21, 2014 02:11AM ET
Downside pressure on the AUD/USD remains dominant, with prices now approaching 0.8100. There is potential for a break in the coming days, as selling pressure dominates, but scope is likely to be limited, as oversold daily and weekly studies begin to unwind. Expectations are for consolidation to give way to a rally, as short-covering appears, targeting congestion around 0.8300. Beyond here is 0.8375, with a further break confirming a more sustainable AUD rally. Anticipated gains are negated below 0.8000, but this is not seen reached in any immediate setbacks, with the 0.8065 low of 2010 to underpin any tests.
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