13 Dec 2013
AUD/USD, stay bearish?
FXstreet.com (London) - AUDUSD has been a strong technical story in the past few weeks and ends the week 0.8960.
Strategists at TD Securities said, “Price momentum and technical breakdown signals coincided in the upper 0.92 area to signal an important downside break in the market last month. A Head & Shoulders reversal targets a drop to 0.8810 as the measured move objective from the 0.9283 neckline trigger and the market is well on the way to that point now. The move is starting to look a little stretched but not to the point that we are too concerned, given the strongly bearish underlying momentum that seems to be behind this move. Stay bearish”.
AUD/USD Levels
The 20 DMA is 0.9158, the 50 DMA is 0.9361 and the 200 DMA is 0.9558. RSI (14) reads 51.79. Supports are ascending from 0.8770, 0.8830, 0.8848, 0.8891. Spot is 0.8960 while resistances are 0.8989, 0.9011, 0.9083 and 0.9125.
Strategists at TD Securities said, “Price momentum and technical breakdown signals coincided in the upper 0.92 area to signal an important downside break in the market last month. A Head & Shoulders reversal targets a drop to 0.8810 as the measured move objective from the 0.9283 neckline trigger and the market is well on the way to that point now. The move is starting to look a little stretched but not to the point that we are too concerned, given the strongly bearish underlying momentum that seems to be behind this move. Stay bearish”.
AUD/USD Levels
The 20 DMA is 0.9158, the 50 DMA is 0.9361 and the 200 DMA is 0.9558. RSI (14) reads 51.79. Supports are ascending from 0.8770, 0.8830, 0.8848, 0.8891. Spot is 0.8960 while resistances are 0.8989, 0.9011, 0.9083 and 0.9125.