22 Jul 2014
AUDUSD downside bias through for .9330 and key .9322 - MarketChartist
FXStreet (Łódź) - Steve Miley, FX analyst at MarketChartist suggests that AUDUSD remains in a negative range theme whilst below .9410/15.
Key quotes
"A roll back lower to the range and we restate the view that 'the threat is back to .9330 and growing risk for a break below key .9322'."
"The previous setback from .9455 leaves a defensive bias to the narrow .9330-.9410/15 range from last week within the broader .9455-.9322 range."
"With the recent rebound capped at .9410/15 and given prior support violations through .9360 and .9340, we still see a defensive bias and Head & Shoulders top risk."
"Downside: Below .9322 sees a better top and bearish shift to target at .9258, 9230 and maybe the key .9208/00 area."
"Upside: Above .9455 aims through the .9505 cycle high to retrace and chart targets at .9525/45."
Key quotes
"A roll back lower to the range and we restate the view that 'the threat is back to .9330 and growing risk for a break below key .9322'."
"The previous setback from .9455 leaves a defensive bias to the narrow .9330-.9410/15 range from last week within the broader .9455-.9322 range."
"With the recent rebound capped at .9410/15 and given prior support violations through .9360 and .9340, we still see a defensive bias and Head & Shoulders top risk."
"Downside: Below .9322 sees a better top and bearish shift to target at .9258, 9230 and maybe the key .9208/00 area."
"Upside: Above .9455 aims through the .9505 cycle high to retrace and chart targets at .9525/45."