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17 Dec 2013
Flash: AUD/USD, worth monitoring .8777/40 support - JPMorgan
FXstreet.com (Bali) - According to Nial O'Connor, FX Strategist at JP Morgan, the Aussie continues to demonstrate a notorious bearish bias against the USD.
Key Quotes
"The main focus over the past week has been AUD/USD as the failure against the key .9170 resistance zone has reasserted the bearish bias."
"In turn, the pair seems set for a closer test, if not break of the critical .8892/.8848 August lows."
"While a violation of this area would raise the risk that the medium term downtrend is back on track, it is worth monitoring the .8777/40 support zone."
"This area represents the 76.4% retracement of the rally from the 2010 low, as well as the critical channel support from the 2011 high. Note this channel contained the bear trend at the August lows."
Key Quotes
"The main focus over the past week has been AUD/USD as the failure against the key .9170 resistance zone has reasserted the bearish bias."
"In turn, the pair seems set for a closer test, if not break of the critical .8892/.8848 August lows."
"While a violation of this area would raise the risk that the medium term downtrend is back on track, it is worth monitoring the .8777/40 support zone."
"This area represents the 76.4% retracement of the rally from the 2010 low, as well as the critical channel support from the 2011 high. Note this channel contained the bear trend at the August lows."