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20 Jun 2013
Flash: AUD/USD weakness to resume: targets at 0.9140, 0.92, 0.9050 - ANZ
FXstreet.com (Barcelona) - Broader bias is for AUD/USD weakness to resume after potential corrections have run their course, says Tim Riddell, Head of Global Markets Research.
The long held bias that a structural top occurred at 1.1075-85 in 2011, in view of Riddell, "has been supported by recent price action, with the relatively aggressive fall through 0.9580-0.9600 to test measured move and interim retracement support at 0.9300-80 highlighting the potential for even deeper corrective declines (to 0.9140-0.9200 or even 0.9050-60)."
The long held bias that a structural top occurred at 1.1075-85 in 2011, in view of Riddell, "has been supported by recent price action, with the relatively aggressive fall through 0.9580-0.9600 to test measured move and interim retracement support at 0.9300-80 highlighting the potential for even deeper corrective declines (to 0.9140-0.9200 or even 0.9050-60)."