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22 Nov 2013
Flash: AUD/USD to accelerate lower on support break?
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB believes that a break of strong support at 0.9195/00 will likely lead to acceleration lower for AUD/USD.
Key Quotes
“The break below the 0.9260 low earlier this month lead to a sharp drop to a low of 0.9199 yesterday. This level is very close to the 61.8% retracement of the 0.8848 to 0.9758 rally at 0.9196.”
“This level is a strong support but unless there is a move back above 0.9400, a clear break below 0.9195/00 will likely lead to acceleration lower towards the bottom of the falling channel at 0.9135 and possibly towards the major support at 0.9040/60 (rising trend-line & bottom of Envelope).”
Key Quotes
“The break below the 0.9260 low earlier this month lead to a sharp drop to a low of 0.9199 yesterday. This level is very close to the 61.8% retracement of the 0.8848 to 0.9758 rally at 0.9196.”
“This level is a strong support but unless there is a move back above 0.9400, a clear break below 0.9195/00 will likely lead to acceleration lower towards the bottom of the falling channel at 0.9135 and possibly towards the major support at 0.9040/60 (rising trend-line & bottom of Envelope).”