Free Trial

Having breached pivotal support and the......>

AUSSIE: Having breached pivotal support and the key $0.70 level yesterday, we
noted in an analysis piece that AUDUSD remains bearish, highlighting seasonal
factors that has seen AUDUSD post losses in the last five quarters (See email
AUDUSD Breaks Pivotal Support Jan 2 1549BST). The FX flash crash heightened by
thin liquidity during the NY/Asia crossover saw the rate touch lows of $0.6741,
a level not seen since 2009. Rate recovered off the low extending the move to
$0.6965 in early Europe. Near-term resistance is seen at $0.6973 which
represents the 76.4% retracement of $0.7045-0.6741, above here would see bulls
target a break back above broken support-turned-resistance at $0.7004.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.