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Aussie Slips As Yellen's Comments Overshadow Positive China Data

Published 07/16/2014, 03:51 AM

Slipping even further below 94c, the inhability to remain flat following positive data from China may not bode well for Aussie going forward.

AUD/USD Daily Chart

The previous post highlighted two bearish reversal patterns on W1 and D1, with a 3rd on the cusp of being triggered - a Head & Shoulders (H&S) reversal. The H&S projects an approximate target around 0.915. However, the bearish wedge target would come first at 0.917.

Yesterday's testimony commented that interest rates would climb earlier if the US sees continued improvement from employment and inflation. With FED Chair Lady Yellen speaking again tonight, any comments deemed 'not as dovish' as previous testimonies could be construed as 'hawkish enough' and see continued lust for the Greenback, weighing down on the increasingly fragile looking Aussie.

Price has recently crossed below the 50-day eMA and appears set to test 0.9328 and 0.9320. I expect we'll see some profit taking here resulting in the obligatory bounce. However if we break below 0.9320 then 0.930 should be quickly within its sites.

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