AUD/USD Classical Technical Report 09.30
AUD/USD Daily: The AUD/USD remains under substantial pressure as the global risk sell-off carries over into the early US session. Look for aussie to make another run at the 0.97-figure with the 50-DMA looking poised for a ‘death cross’ with the 200-DMA, suggesting further downside moves for the pair are likely. Daily relative strength also looks to move into oversold territory providing justification for continued weakness in the aussie. Key topside resistance now stands at 0.9870 backed by parity and 1.0160.
AUD/USD Intra-day:The AUD/USD continues to consolidate into a wedge formation with a downside break favored. Initial targets with a break of the 0.97-support level are eyed at 0.9660 and the 100% Fibonacci extension taken from the July 28th and September 1st crests at 0.9625. Interim resistance stands at 0.9750 with subsequent ceilings eyed at the 0.98-figure, 0.9850, and the 76.4% extension at 0.9895.
Written by Michael Boutros, Currency Analyst for DailyFX.com
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