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AUDUSD: Next Stop 0.90?

AUDUSD: Next Stop 0.90?

2010-07-23 05:17:00
Ilya Spivak, Sr. Currency Strategist
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AUDUSD has taken out horizontal support-turned-resistance at 0.8855, clearing the way for a move beyond the psychologically significant 0.90 figure to challenge 0.9043. However, early signs of emerging negative RSI divergence hint that a blow-off top may be in the cards. Overall, I continue to see the trend as broadly bearish and will look for actionable selling opportunities in the days and weeks ahead.

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