AUDUSD: The short-term bearish momentum seems to fade

Monday, November 4, 20130 comments


AUD/USD is in a corrective phase. However, the recent marginal new lows suggest a weakening short-term bearish momentum. Resistances for a bounce are at 0.9556 (28 October 2013 low) and 0.9624 (25 October 2013 high). Supports stand at 0.9388 (07 October 2013 low) and 0.9281.

The long-term technical pattern remains negative thus far. Therefore, we see the recent decline near the strong resistance at 0.9792 (03 June 2013 high, see also the 200 day moving average), as the start of a new phase of weakness for AUD/USD.
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