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Thomson Reuters
Sep 10 - 07:24 AM
AUD/USD - COMMENT-AUD/USD Gaining Traction, But Outlook Remains Negative
First appeared on eFXplus on Sep 10 - 06:05 AM

AUD got a reasonable bid from the Monday open as the market booked profits following Friday losses.
The Aussie is working off the bearish excesses of the Friday session, putting on 0.3 percent from an early 0.7097 Monday low.
However, once the adjustment brings some balance back to the market, the AUD is likely to resume its slide.
Regaining ground inside the 30-DMA Bollinger envelope, base line at 0.7119, might encourage further squaring.
However, while the price languishes below both the 10-DMA, 0.7211, and the 0.7236 Sept.
4 high, the outlook is for a drop to levels around 0.6830, double week lows from January 2016.
The weekly chart also hints at corrective action to get back inside the Bollinger envelope, but bearish studies are more entrenched and limited gains seen at best.
For the Monday session, scope for a test of 0.7151, which is the 50 percent Fibonacci retrace level off the Friday 0.7202-0.7099 drop.

AUD/USD Daily Chart: Click here

Thomson Reuters IFR Markets


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