29 Jan 2015
AUD/USD at new multi year lows and bearish below 0.8177 downtrend
FXStreet (Guatemala) - AUD/USD is trading at 0.7780 with a low of and high scored of 0.7908 and is down 1.55% on the day.
AUD/USD has started to recover from these lows but there are no signs of the bearish tone coming to an end and this pair is destined for lower now having broken the 200 month ma at 0.7781 and is fully rejected at the 5th Jan low at 0.8035.
Having said that, a minor correction and fading opportunities could come to light on the way lower, especially if the RBA catch the market by surprise next week and do not come across as dovish as speculation has it. Meanwhile, Jane Foley at Rabobank Senior Currency Strategist said, "We have also extended our bearish AUD/USD forecast to 0.70 on a 12 mth view.
On a correction, Karen Jones, chief analyst at Commerzbank, sights initial resistance is 0.8034 (7th Jan low), then 0.8080 (20 day ma). "Key resistance is the 0.8177 downtrend. A close above here is needed to alleviate the bearish pressure".
AUD/USD has started to recover from these lows but there are no signs of the bearish tone coming to an end and this pair is destined for lower now having broken the 200 month ma at 0.7781 and is fully rejected at the 5th Jan low at 0.8035.
Having said that, a minor correction and fading opportunities could come to light on the way lower, especially if the RBA catch the market by surprise next week and do not come across as dovish as speculation has it. Meanwhile, Jane Foley at Rabobank Senior Currency Strategist said, "We have also extended our bearish AUD/USD forecast to 0.70 on a 12 mth view.
On a correction, Karen Jones, chief analyst at Commerzbank, sights initial resistance is 0.8034 (7th Jan low), then 0.8080 (20 day ma). "Key resistance is the 0.8177 downtrend. A close above here is needed to alleviate the bearish pressure".