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15 Aug 2013
AUD/USD bounces off lows, though downtrend remains
FXstreet.com (New York) - The AUD/USD technical pair took a tumble Thursday morning during US trading, as the USD had its way with the AUD after the release of earlier US CPI and employment data.
Having bottomed out at 0.9058 (session low), the AUD/USD is now navigating the region of 0.9085, en route to a staunch decline of -0.41% off its opening. Briefing the technicals, the AUD/USD blew through previous support at 0.9103, and will now look to 0.9052 and 0.9023 to suspend any further collapse, calculates the Mataf.net analyst team.
AUD/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The AUD/USD is bouncing off the breached downtrend channel line at 0.9050 and has the 55-day MA at 0.9247 back in focus. Between it and the 0.9319 July high we should see failure and the resumption of the longer-term bearish trend. Longer-term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008. Our longer-term downside target measured from the top is 0.7700.”
Having bottomed out at 0.9058 (session low), the AUD/USD is now navigating the region of 0.9085, en route to a staunch decline of -0.41% off its opening. Briefing the technicals, the AUD/USD blew through previous support at 0.9103, and will now look to 0.9052 and 0.9023 to suspend any further collapse, calculates the Mataf.net analyst team.
AUD/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The AUD/USD is bouncing off the breached downtrend channel line at 0.9050 and has the 55-day MA at 0.9247 back in focus. Between it and the 0.9319 July high we should see failure and the resumption of the longer-term bearish trend. Longer-term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008. Our longer-term downside target measured from the top is 0.7700.”