AUD/USD Pauses At Key .9145 Support
Steve Miley | Jun 25, 2013 03:54AM ET
- As expected, a low level consolidation (neutral outside Monday) to start the week after a push last week to hold just ahead of our long-held target at the critical 38.2% retrace of the entire 2008-11 rally at .9145.
- Having pushed below the key 2011 low at .9388, to complete a long term top, we see threat below .9145 into July, through psychological .9000 to chart props .8900 & .8770 and maybe to the 50% retrace at .8545.
- We favour further consolidation Tuesday, capped by the .9440/50 area, but with growing risk through midweek for a break below .9145..
- Only above .9450 eases bear risk with a switch to neutral above .9665.
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