USD Expected To Remain Under Pressure In Coming Weeks
Mike Macdonald | Aug 25, 2015 07:37AM ET
USD: Prices have gapped below critical support at the 24.47 range low of May and 24.45 (38.2%) retracement of the 2014-2015 rally, with buying interest appearing just above the 24.19 January break area at 24.20. The subsequent recovery from here is expected to prove unsustainable, as both weekly and monthly studies continue to point lower, as investors adopt a sell-into-strength strategy. Further losses are seen in the coming weeks, with a break below 24.19 targeting lows down to the 23.80, (50%) retracement of the 2014-2015 rally.
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