The Aussie turned tail overnight, slamming through all support points until reaching .9066. We should see some early correction as Europe opens, just to alleviate the short term oversold scenario.
If you look at the daily charts you can see the stochastics have turned bearish. Granted, it's a little late, but we may well see corrective pressure take us back to .9125 possibly .9155/66 before sellers are evident once more.
Support is at .9034. If we lose this support then there is scope for the market to come lower to the July 12th low of .8998. We would expect buyers to defend this support.
If however we do break and hold below here we would be looking for further weakness down to .8934 which should be enough on the downside today.
If you look at the daily charts you can see the stochastics have turned bearish. Granted, it's a little late, but we may well see corrective pressure take us back to .9125 possibly .9155/66 before sellers are evident once more.
Support is at .9034. If we lose this support then there is scope for the market to come lower to the July 12th low of .8998. We would expect buyers to defend this support.
If however we do break and hold below here we would be looking for further weakness down to .8934 which should be enough on the downside today.
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