29 Jul 2013
AUD/USD decline intensifies sub 0.9200
FXstreet.com (Barcelona) -The selling interest around the AUD is sharpening on Monday, hurting the AUD/USD and dragging it below the key support at 0.9200.
AUD/USD grim outlook ahead
Pretty ugly start of the week for the Aussie dollar, rapidly giving away earlier gains after another unsuccessful attempt to follow through 0.9300 the figure. Strategists Geoffrey Yu and Gareth Berry at UBS assessed “We saw moderate net selling of Australian dollars last week. More crucially though, a healthy transfer of positions is underway. Hedge funds bought back some of their shorts while asset managers took the other side of their trades. This is a necessary condition for the AUDUSD downtrend to extend, and we expect it will ultimately open the door to further Aussie weakness”.
AUD/USD levels to watch
As of writing the pair is down 0.50% at 0.9204 with the next support at 0.9181 (MA21d) followed by 0.9148 (low Jun.24) and then 0.9038 (low Jul.3). On the flip side, a break above 0.9296 (high Jul.26) would expose 0.9320 (high Jul.24).
AUD/USD grim outlook ahead
Pretty ugly start of the week for the Aussie dollar, rapidly giving away earlier gains after another unsuccessful attempt to follow through 0.9300 the figure. Strategists Geoffrey Yu and Gareth Berry at UBS assessed “We saw moderate net selling of Australian dollars last week. More crucially though, a healthy transfer of positions is underway. Hedge funds bought back some of their shorts while asset managers took the other side of their trades. This is a necessary condition for the AUDUSD downtrend to extend, and we expect it will ultimately open the door to further Aussie weakness”.
AUD/USD levels to watch
As of writing the pair is down 0.50% at 0.9204 with the next support at 0.9181 (MA21d) followed by 0.9148 (low Jun.24) and then 0.9038 (low Jul.3). On the flip side, a break above 0.9296 (high Jul.26) would expose 0.9320 (high Jul.24).