12 Dec 2014
AUD/USD bear threat intact – MarketChartist
FXStreet (Barcelona) - Steve Miley at MarketChartist sees the AUD/USD bear threat still intact in spite of the rebound from another multi-year low on Tuesday, with risks lower through mid-December.
Key Quotes
“Despite the rebound from another multi-year low on Tuesday, the expected stall back from the trend line from latter November, now at .8340 and whilst below the more important trend line from mid-November (.8455), produced a bearish outside Thursday pattern to another new cycle low.”
“Short-term Outlook - Downside Risks: Modest interim supports are now seen at .8215/12 and then .8110/05. The year-end threat is to the 2010 cycle low at .8065, maybe even psychological/ option target .8000”
Key Quotes
“Despite the rebound from another multi-year low on Tuesday, the expected stall back from the trend line from latter November, now at .8340 and whilst below the more important trend line from mid-November (.8455), produced a bearish outside Thursday pattern to another new cycle low.”
“Short-term Outlook - Downside Risks: Modest interim supports are now seen at .8215/12 and then .8110/05. The year-end threat is to the 2010 cycle low at .8065, maybe even psychological/ option target .8000”