In the longer term picture, price actions from the July 2011 high of 1.10800were viewed as a correction and may have bottomed out at the year’s low of 0.86584.This view has been seriously compromised by this week’s massive 348 pips fall.The ease in which this market fell below the 0.92 cents level is troublesome for the bullish case. As noted all the while, a sustained break below 0.92 would be the first indication that this rally is in trouble and would shift focus towards the year’s low at 0.86584 and potentially lower.This is now the case.
AUD-USD Medium to Short-Term Outlook
This week marked a watershed in AUD-USD. In a single week, the long-term bullish bias has been turned on its head. Going into the week, this week was deemed to be bullish but the almost 350 pips fall has seriously damaged this bullish case. The ease in which this market fell below the 0.92 level indeed alarming. At this rate, it is not inconceivable that spirit challenge of the year’s low at 0.86584would be mounted. Thursday’s rebound into the supply pocket at 0.92098-0.92263was opportune as it allowed the re-positioning of shorts. The fall from there has now set the stage for an eventual fall towards 0.90637-0.90810. Sustained fall below the 0.90 leveladditionally has the potential to take out the year low at 0.86584.
TRADE IDEA #1 Sold at 0.92102 Buy between 0.90637-0.90810 Stop-Loss: Break-even Stop-Loss: Exit on H4 close below 0.90637 Primary Target: 0.90810 (Realized) Primary Target: 0.92098 Secondary Target: 0.88908
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AUD-USD Longer to Long-Term Outlook
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15-Sep 2014 Monday
11:26 AM (3513 days ago)
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