17 Jul 2015
AUD/USD: Interesting chart action - CB
FXStreet (Guatemala) - Analysts at Commerzbank explained that the AUD/USD chart action is interesting currently.
Key Quotes:
"The low we saw yesterday of 0.7350 has been accompanied by a divergence of the daily RSI. This does reflect a loss of downside momentum, and we would allow for a near term rebound, we suspect this will be fairly tiny."
"The outlook stays negative while below the 0.7588 downtrend. We continue to look for losses to the base of the 2 year channel at 0.7177 longer term. Rallies will find initial resistance at 0.7542, the 23.6% retracement and should ideally remain contained by the 0.7588 short term resistance line to remain directly offered."
Key Quotes:
"The low we saw yesterday of 0.7350 has been accompanied by a divergence of the daily RSI. This does reflect a loss of downside momentum, and we would allow for a near term rebound, we suspect this will be fairly tiny."
"The outlook stays negative while below the 0.7588 downtrend. We continue to look for losses to the base of the 2 year channel at 0.7177 longer term. Rallies will find initial resistance at 0.7542, the 23.6% retracement and should ideally remain contained by the 0.7588 short term resistance line to remain directly offered."