28 Jun 2013
AUD/USD closes week below support
FXstreet.com (New York) - The AUD/USD foreign exchange rate closed out the week down substantially, notably after incurring heavy losses Friday.
AUD/USD sustaining heavy losses
Presently, the AUD/USD technical pair is still operating negatively down -1.38%, settling at 0.9150. After falling below the 0.9189 level, Mataf.net analysts point to supportive structures at 0.9151, ahead of 0.9076.
AUD/USD could break towards 0.8500
“It’s make of break for the AUD at 0.9134 – right where spot is at the end of the week – or 8.2% retracement support from the 2008/11 rally. The loss of support in the 0.94/0.9500 area (a broad range of high/low support in place over the past couple of years) was a big strike against the AUD outlook and broader trend momentum looks strongly negative still. Ultimately, a failure to hold the low 0.91 area essentially targets a drop in AUD/USD to 0.8500.” warns the TD Securities Team.
AUD/USD sustaining heavy losses
Presently, the AUD/USD technical pair is still operating negatively down -1.38%, settling at 0.9150. After falling below the 0.9189 level, Mataf.net analysts point to supportive structures at 0.9151, ahead of 0.9076.
AUD/USD could break towards 0.8500
“It’s make of break for the AUD at 0.9134 – right where spot is at the end of the week – or 8.2% retracement support from the 2008/11 rally. The loss of support in the 0.94/0.9500 area (a broad range of high/low support in place over the past couple of years) was a big strike against the AUD outlook and broader trend momentum looks strongly negative still. Ultimately, a failure to hold the low 0.91 area essentially targets a drop in AUD/USD to 0.8500.” warns the TD Securities Team.