AUD/USD Classical Technical Report 09.29
AUD/USD: Yesterday’s late day depreciation by the AUD/USD suggests that the recent corrective move may be finished. Already on Thursday we have seen the AUD/USD test the 0.9700 level, but optimism over the German parliamentary vote on the European Financial Stability Fund boosted risk-appetite slightly. With the 50-DMA readying to cross the 200-DMA, it appears a ‘Death Cross’ is on the horizon, a sign of a longer-term bearish trend. Look for intraday rallies to be well capped below parity on a daily close basis while ultimately, only back above 1.0400 would delay. Back under 0.9620 will accelerate and open the next downside extension.
Written by Christopher Vecchio, Currency Analyst
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