AUD/USD Negative Range Bias Leaves Risk To .8676, Maybe The .8643 Low
Steve Miley | Oct 19, 2014 12:38AM ET
AUD/USD negative tone and support threats
- Another whipsaw session Thursday to reinforce the range theme, defined by the .8643 cycle low and the .8900 level.
- The setback from our .8860 resistance maintains a negative bias, despite the bounce from just ahead of .8676 support.
- However, having pushed through .8705, we see bias back to .8676 and maybe for a retest to .8652/43, through which would see a resumption of a more bearish tone.
WHAT CHANGES THIS?
- Downside: Below .8643 aims for longer term targets at .8633 and .8595 and maybe for a 2010 swing low at .8315.
- Upside: Above .8900 aims higher through .8930/35 and .8950 for .9003.
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