FX Strategy 12 September 2013 |
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AUD/USD is probing the July peak at .9318. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside and we look for failure in and around this zone. We have minor support at .9225/33 and below here should trigger a slide to the 55 day ma at .9117.
A slide below .9110/17 should be enough to alleviate upside pressure and cast attention back to the .8848 recent low. We remain bearish longer term and longer term targets remain to be seen at .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is .7700.
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