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Market Chartist - AUD/USD: An Unexpected Rebound

Published 06/13/2013, 05:29 AM
Updated 12/12/2023, 05:55 AM
AUD/USD
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SCOP
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  • An unexpected rebound over the past 24 hours to overcome modest resistance at .9470/80 and ease immediate bear risk this week.
  • However, whilst below further barriers at .9650/55 and the key failure peak at .9785, we see downside risk resuming through mid-June.
    • Having pushed below the key 2011 low at .9388 to a three year low and completed a long term top, we see risk to the critical 38.2% retrace of the entire 2008-11 rally at .9145.
    • The 8-day RSI has scope to go lower to challenge the key .9145 level into next week.
    WHAT CHANGES THIS?
    • Only above .9655 eases bear risk with a switch to neutral above .9785.

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