29 Jan 2015
AUD/USD poised to make new lows - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, AUD/USD looks poised to resume its downtrend into fresh multiyear lowes, with downside targets at 7725, 7650 and 7500.
Key Quotes
"After jumping in the Tokyo session yesterday from a surprise number out of Australia, the bids couldn't really muster any follow through as the offers absorbed the buying pressure just above 8000."
"Here the pair formed a false break + pin bar at the key resistance level, with two follow up attempts meeting strong selling pressure. This is basically the bears selling on a pullback to make a new downleg in the trend."
"I'm actually short, and I am expecting 7850 to likely produce a weak bounce before breaking the yearly lows. Downside targets are 7725, 7650 and 7500. Only a daily close now above 8000 negates the bear trend MT."
Key Quotes
"After jumping in the Tokyo session yesterday from a surprise number out of Australia, the bids couldn't really muster any follow through as the offers absorbed the buying pressure just above 8000."
"Here the pair formed a false break + pin bar at the key resistance level, with two follow up attempts meeting strong selling pressure. This is basically the bears selling on a pullback to make a new downleg in the trend."
"I'm actually short, and I am expecting 7850 to likely produce a weak bounce before breaking the yearly lows. Downside targets are 7725, 7650 and 7500. Only a daily close now above 8000 negates the bear trend MT."