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21 May 2014
AUD/USD bears taking the lead - FXStreet
FXStreet (Guatemala) - Ivan Delgado, head of Asian editors explained> the shift has turned clearly to the downside in AUD/USD.
“The pair accumulates two days, especially Tuesday, of sharp losses, and what is worse, with no signs of buying interest up until now, as can be observed by the last two NY closes at the lows of the day”.
“Price has lost an important ascending trendline guiding prices higher ever since the bottom that was found late Jan 2014. Also, the distance opened between current price and the daily kijun/tenkan, reinforces the short term bearish outlook”.
“Despite a thick bullish daily cloud, which would suggest downside setback may find dip buying interest, so far, the 30 odd pips penetration into the cloud has produced no rebound whatsoever, a negative technical input to bear in mind”.
“Price appears to be in a transition in what could turn out to be an N wave upon a breakout of key .92/.9215 support, which would then set a projected target towards 0.90, although in the process, 0.9070 would represent a tough area to overcome”.
“The chickou span, after clearing the daily tenkan, has further room to fall until is faced with the daily kijun, with a break of this latter paving the way for further losses”.
“The pair accumulates two days, especially Tuesday, of sharp losses, and what is worse, with no signs of buying interest up until now, as can be observed by the last two NY closes at the lows of the day”.
“Price has lost an important ascending trendline guiding prices higher ever since the bottom that was found late Jan 2014. Also, the distance opened between current price and the daily kijun/tenkan, reinforces the short term bearish outlook”.
“Despite a thick bullish daily cloud, which would suggest downside setback may find dip buying interest, so far, the 30 odd pips penetration into the cloud has produced no rebound whatsoever, a negative technical input to bear in mind”.
“Price appears to be in a transition in what could turn out to be an N wave upon a breakout of key .92/.9215 support, which would then set a projected target towards 0.90, although in the process, 0.9070 would represent a tough area to overcome”.
“The chickou span, after clearing the daily tenkan, has further room to fall until is faced with the daily kijun, with a break of this latter paving the way for further losses”.