AUD/USD Trading In Bearish Bias; EUR/USD Failed To Trade Above 1.2960
ICN.com | Sep 16, 2014 06:59AM ET
The pair failed to keep trading above 1.2960 indicating strong weakness showing on Stochastic by a negative crossover attempt before reaching overbought levels. Meanwhile, 1.2885 forms a support that we cannot currently bet on negativity without breaking it.
Therefore, we prefer to remain neutral in this report waiting for confirmation signals.
The pair is trading in a slight bearish bias after testing 1.6285 which support extending the bearish expectations targeting mainly 1.6000 levels. Stochastic is providing negative signals that support the expected downside move that remains valid unless the pair breaches 1.6285.
AUD/USD pair traded today in a bearish bias targeting the pivotal support 0.9000, and breaking it confirms extending the downside move towards 0.8880. Generally, stability below 0.9095 makes us favor the downside move intraday supported by SMA 50 and 100.
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