30 Jan 2015
AUD/USD approaches multi-year lows
FXStreet (Córdoba) - The recovery of the AUD/USD pair from 0.7718 (Jna 29 low) was capped below 0.7800. Afterwards the aussie weakened and turned to the downside. Recently printed a fresh daily low at 0.7735 and currently remains around 0.7730/40, falling for the third day in a row.
AUD/USD technical outlook
Karen Jones, Head of Technical Analysis at Commerzbank notes that the pair has fallen below the monthly 200-MA. “We also find the gann retracement at 0.7704 (2/3rd retracement) and the base of its 4 month down channel is 0.7660 and it is possible that will see this hold the initial test”.
To the upside, Jones notes that the initial resistance lies at 0.8034 (Jan 7 low), then 0.8060 (daily 20-MA) and the key 0.8166, where a downtrend line stands. A close above 0.8166 is needed to alleviate the bearish pressure explained the analyst.
AUD/USD technical outlook
Karen Jones, Head of Technical Analysis at Commerzbank notes that the pair has fallen below the monthly 200-MA. “We also find the gann retracement at 0.7704 (2/3rd retracement) and the base of its 4 month down channel is 0.7660 and it is possible that will see this hold the initial test”.
To the upside, Jones notes that the initial resistance lies at 0.8034 (Jan 7 low), then 0.8060 (daily 20-MA) and the key 0.8166, where a downtrend line stands. A close above 0.8166 is needed to alleviate the bearish pressure explained the analyst.