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12 Jun 2013
Flash: AUD/USD interim correction in focus - ANZ
FXstreet.com (New York) - According to Global Head of Market Research Tim Riddell at ANZ, “Recent AUD/USD price action in the 0.9480-0.9800 area is now seen to be an interim correction within the steep decline from 1.0585.”
Moreover, “the AUD is at risk of extending its losses towards the 0.9205-0.9250 area or even 0.9060-70. However, it should be noted that the fall from 0.9800 could form the last leg within the fall from 1.0585.
A close above 0.9480 could trigger some pronounced squeeze.” Riddell adds.
Bears should beware however, as after rebounds faltered at channel resistance (0.9800), further slippage extended into the 0.9300-0.9380 “risk” area. Although declines could extend further (to the long term retracement level of 0.9140-50 or even 0.9060), the build up of daily divergence and style of the current slide suggest that a final leg within the sharp slide from 1.0585 is forming.
Moreover, “the AUD is at risk of extending its losses towards the 0.9205-0.9250 area or even 0.9060-70. However, it should be noted that the fall from 0.9800 could form the last leg within the fall from 1.0585.
A close above 0.9480 could trigger some pronounced squeeze.” Riddell adds.
Bears should beware however, as after rebounds faltered at channel resistance (0.9800), further slippage extended into the 0.9300-0.9380 “risk” area. Although declines could extend further (to the long term retracement level of 0.9140-50 or even 0.9060), the build up of daily divergence and style of the current slide suggest that a final leg within the sharp slide from 1.0585 is forming.