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AUD/USD Downtrend Firmly In Place

By ForexJun 25, 2013 04:02AM GMT Add a Comment
 
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<span class=AUD/USD Daily Downtrend" title="AUD/USD Daily Downtrend" width="798" height="604" /> AUD/USD touched $0.9146, the lowest level since 2010 (the area of 38.2% Fibo retracement of the advance in 2008-2011), but then started recovering and testing levels above $0.9250. There’s a divergence on the daily MACD – a sign of potential correction up. However, further resistance lies at $0.9325 (June 11 low), $0.9400 and $0.9500 which will likely limit the pair’s advance.

The downtrend remains firmly in place. For the longer term, the AUD is under pressure as Australian yields decline even as the nation is losing its investment attractiveness, the Reserve Bank of Australia maintains its easing bias, Chinese growth slows down and commodity prices keep lowering.

Below $0.9140 the Aussie’s prospects will become negative, making the pair vulnerable for a decline to $0.9100, $0.9090 (Sept. 7, 2010, low) and $0.9050. The Australian economic calendar is empty over the next few days, so watch the data from the US: durable goods orders, CB consumer confidence and new home sales released on Tuesday at 12:30-14:00 GMT.
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