No change. The Aussie failed to make a break to the topside and this has put the pressure back on the downside. However, our short term charts are oversold. Therefore we look to support in the 8904/8900 for short term direction.
We would look to go long on weakness to here, and hold longs unless we saw a break of 8885.Below 8885 we see further weakness to 8850/48. Cover shorts in this area as we would expect this to hold and we would leave stop/reverse then below 8800 for 8745.
If we can cling to 8904/8900 we should be able to see a recovery and back above 8940 would leave us with a short term objective of 8980/98.
We would cover all longs in this area...we would only re-instate longs if the market can make a break above 9014 as this would send quite a bullish signal to the market and we could then trade up to 9055 and possibly 9095 quite quickly.
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Australian Dollar: Pressure Now On The Downside
Published 01/08/2014, 02:12 AM
Updated 07/09/2023, 06:32 AM
Australian Dollar: Pressure Now On The Downside
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