AUD/USD expected stall at .9305/45 barriers leaves risks still lower
AUD/USD
- A more cautious tone on Tuesday, reluctant to build on the modest rebound, still unable to push up to test the .9305/45 peaks and more notably the .9440/50 area; whilst below here we still see downside risk for July.
- We still aim for.9105/00 into midweek.
- However, with the option related/ psychological .9000 level prodded earlier in July and given the bigger top through the critical 38.2% retrace of the entire 2008-11 rally at .9145, the threat is for another notable down leg.
- Below .9105/00 aims through .9000 to props .8900 & .8770 in July and maybe to the 50% retrace at .8545 into mid-Q3.
- Only above .9305 eases bear risk with a switch to neutral above .9345.
AUD/USD