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24 Jun 2013
AUD/USD dropped over 100 pips
FXstreet.com (London) - AUD/USD has continued lower on a broad dollar rally and is printing 100 pips lower to reach 0.9157 on the London open.
The AUD/USD has also been facing string headwinds in political statements form officials recently with regards to its depreciation being welcomed. Australian Prime Minister Julia Guillard was most recently saying that depreciation in the AUD value was good for the Australian economy. Gareth Berry at UBS is bearish for the pair and said the pair faces a strong support 0.9143. A closing break below this would be further negative. He see’s resistance is at 0.9313 ahead of 0.9415.
Saeed Amen, strategist at Nomura also said technicals are bearish for this week. He said RSI has gone into oversold, suggesting heavy downside momentum. Also bandwidth has broken higher, he noted, indicating that spot is likely in a breakout phase and could continue lower. SMA are also sloping lower, suggesting downside momentum. Their target is 0.9100 which is below the recent low.
The AUD/USD has also been facing string headwinds in political statements form officials recently with regards to its depreciation being welcomed. Australian Prime Minister Julia Guillard was most recently saying that depreciation in the AUD value was good for the Australian economy. Gareth Berry at UBS is bearish for the pair and said the pair faces a strong support 0.9143. A closing break below this would be further negative. He see’s resistance is at 0.9313 ahead of 0.9415.
Saeed Amen, strategist at Nomura also said technicals are bearish for this week. He said RSI has gone into oversold, suggesting heavy downside momentum. Also bandwidth has broken higher, he noted, indicating that spot is likely in a breakout phase and could continue lower. SMA are also sloping lower, suggesting downside momentum. Their target is 0.9100 which is below the recent low.