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19 Jun 2013
AUD/USD hits fresh 2 ½ - yr low, structural bear breakout
FXstreet.com (Barcelona) - The AUD/USD continues to drop like a rock post Bernanke speech, breaking through June 11 recent lows at 0.9327 like a knife through hot butter. The pair hit its lowest at 0.9288, level not seen since Sept 2010.
Structural change from a weekly chart
The break below 0.9327, last swing low, will now allow technical commentators to flood the market with new downgrades for the fate of the AUD/USD, as former support at 0.9370 - last Sept 2009/early 2010 highs/Sept 2011 lows - was the last ditch attempt buyer had to produce a meaningful rebound before a new bearish landscape opens up.
Key technicals levels
The technical breakout confirms on a daily close below 0.9370. If materialized, all indications are pointing so, AUD/USD sees the next support coming at 0.9220 - Sept 2010 high/61.8% fib from 0.81-1.10 run - , with a break lower bringing into focus the round number 0.90. On the upside, 0.9325/30 may offer minor resistance, followed by 0.94 up to 0.9430 - June lows -.
Structural change from a weekly chart
The break below 0.9327, last swing low, will now allow technical commentators to flood the market with new downgrades for the fate of the AUD/USD, as former support at 0.9370 - last Sept 2009/early 2010 highs/Sept 2011 lows - was the last ditch attempt buyer had to produce a meaningful rebound before a new bearish landscape opens up.
Key technicals levels
The technical breakout confirms on a daily close below 0.9370. If materialized, all indications are pointing so, AUD/USD sees the next support coming at 0.9220 - Sept 2010 high/61.8% fib from 0.81-1.10 run - , with a break lower bringing into focus the round number 0.90. On the upside, 0.9325/30 may offer minor resistance, followed by 0.94 up to 0.9430 - June lows -.