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6 Jun 2013
AUD/USD cracks 0.9600, additional selling pressure revealed
FXstreet.com (Barcelona) - The Aussie finished the day sharply lower, down 105 pips at 0.9543 and closing at the lowest level since October 2011.
According to Val Bednarik of FXStreet.com, “The AUD/USD posted a fresh low at 0.9516, bouncing a few pips ahead of US close, but maintaining a strong bearish tone: the hourly chart shows indicators still heading lower despite in oversold territory, while 20 SMA accelerate even further down, now around 0.9570. In the 4 hours chart technical readings present a strong bearish momentum, supporting a break towards fresh lows. Gains should remain temporal and be seen as selling opportunities.”
The FXStreet.com Trend Index remains slightly bullish, while the ob/os remains overbought. Short term moving averages remain bearish, with price below both the 9 and 20dma’s. The RSI (14) is also in bearish set up, consolidating around the 34 level and maintaining the bearish zone between 20 and 60.
According to Val Bednarik of FXStreet.com, “The AUD/USD posted a fresh low at 0.9516, bouncing a few pips ahead of US close, but maintaining a strong bearish tone: the hourly chart shows indicators still heading lower despite in oversold territory, while 20 SMA accelerate even further down, now around 0.9570. In the 4 hours chart technical readings present a strong bearish momentum, supporting a break towards fresh lows. Gains should remain temporal and be seen as selling opportunities.”
The FXStreet.com Trend Index remains slightly bullish, while the ob/os remains overbought. Short term moving averages remain bearish, with price below both the 9 and 20dma’s. The RSI (14) is also in bearish set up, consolidating around the 34 level and maintaining the bearish zone between 20 and 60.