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7 Jul 2014
AUD/USD poised for a 0.9323/00 test - SocGen
FXStreet (Bali) - According to Stéphanie Aymes and Tanmay Purohit, FX Analysts at Societe Generale, AUD/USD is poised to fall towards 0.9323/00 and probably 0.9203/0.9180.
Key Quotes
"AUD/USD tested the upper limit of a weekly channel at 0.9500/35 and is retracing. The pair appears to have completed five waves since its January lows."
"Both weekly and daily indicators have rolled over after testing graphical resistance levels, giving credence to 0.9500/35 as an important resistance."
"The pair is now poised to drift lower towards recent lows at 0.9323/00, with next support at 0.9203/0.9180, the confluence of the April and May lows. A break below will result in further pull-back towards 0.9090, the 50% retracement from the January lows."
Key Quotes
"AUD/USD tested the upper limit of a weekly channel at 0.9500/35 and is retracing. The pair appears to have completed five waves since its January lows."
"Both weekly and daily indicators have rolled over after testing graphical resistance levels, giving credence to 0.9500/35 as an important resistance."
"The pair is now poised to drift lower towards recent lows at 0.9323/00, with next support at 0.9203/0.9180, the confluence of the April and May lows. A break below will result in further pull-back towards 0.9090, the 50% retracement from the January lows."