1 Oct 2014
AUD/USD: Sell on corrective retracements - JPMorgan
FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, explains that corrective retracements in AUD/USD are selling opportunities.
Key Quotes
"The price action has developed with a renewed trending bias following the early- September breakdown below the .9200/50 support zone."
"While the decline is quickly approaching important support at the .8658 January low, we are monitoring for some pause/retracement."
"In line with the familiar theme, we sense corrective retracements are selling opportunities. Resistance at the .9000/.9115 levels should cap short term bounces while the .9200/50 zone should now represent a ceiling
Key Quotes
"The price action has developed with a renewed trending bias following the early- September breakdown below the .9200/50 support zone."
"While the decline is quickly approaching important support at the .8658 January low, we are monitoring for some pause/retracement."
"In line with the familiar theme, we sense corrective retracements are selling opportunities. Resistance at the .9000/.9115 levels should cap short term bounces while the .9200/50 zone should now represent a ceiling