AUDUSD: The support at 0.9281 has been broken

Friday, November 22, 20130 comments

AUD/USD has broken the key support at 0.9281, opening the way for a medium-term decline towards the support at 0.8893. A first support lies at 0.9116. The short-term technical configuration is negative as long as prices remain below the resistance at 0.9278 (intraday high). Another resistance can be found at 0.9311 (intraday high).

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. A test of the support area between 0.8848 (05 August 2013 low) and 0.8893 (28 August 2013 low) is our most conservative long term downside risk.

Trading Strategy : Sell stop 3 at 0.9164, Targets: 0.9142/0.8906/0.8412, Stop: 0.9186
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