Australian Dollar Breakdown Looks like the Real Deal
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AUDUSD – The Australian Dollar is finally showing signs of real breakdown, and a significant build in crowd buying helps confirm the AUDUSD may trade to further lows.
Trade Implications – AUDUSD:The Aussie currency has frustrated us in trading within a tight range versus the US Dollar, but this breakdown shows sign of promise and leaves us looking for continued losses. It has now broken below its 200-day and 52-week simple moving averages, and the next technical level of interest comes at the 50% retracement of its January to July advance at $0.9080. It would take a sustained move above $0.9200 to negate our bearish bias.
See next currency section: SPX500 - S&P 500 Looks Primed for Gains until this Changes
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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