AUD/USD: Bears Are Back
Jason Sen | Aug 20, 2014 07:40AM ET
The AUD/USD had one last test of 100 day moving average resistance at 9335 spiking to 9345 before pulling back sharply. We forecast the 6 week bear trend was likely to resume and it looks like the failure yesterday has signaled bears are back in control as expected. Immediate support at 9290 is holding so far but the pair should continue lower this week to 9280/75 and possibly 9260/55. Below here look for a retest of August lows at 9240/30.
Immediate resistance at 9303/07 then 9320 could hold a move higher. Although unlikely a retest of the 9335/45 area would offer another selling opportunity, with stops above 9360.
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