Free Trial

Recovery could be a headfake: *RES.....>

AUSSIE TECHS
AUSSIE TECHS: Recovery could be a headfake:
*RES 3: 0.6994 50-DMA
*RES 2: 0.6966 High Jun 11
*RES 1: 0.6924 20-day EMA
*PRICE: 0.6871 @ 10:08 GMT June 19
*SUP 1: 0.6832 Low Jun 18
*SUP 2: 0.6800 Round number support
*SUP 3: 0.6754 Bear channel base
AUDUSD remained under pressure for much of the session Tuesday, hitting the
lowest levels since the January 3rd flash crash, before recovering modestly to
trade near the week's open. This recovery may not last, however, with the recent
breach of support at 0.6864 confirming a resumption of the downtrend that has
opened 0.6800. This year's low of 0.6745 is now also within reach. Momentum
studies remain bearish for now, reinforcing the underlying downtrend conditions.
Look for Aussie weakness to extend.

To read the full story

Close

Why MNI

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.