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25 Nov 2013
AUD/USD, look for correction towards 0.9274 to short - 2ndSkies
FXstreet.com (Barcelona) - AUD/USD has been on a relentless sell-off for the last 3 trading days, averaging over 100 pips of losses/day since peaking out at 0.9450 on Nov 20, leading to a rout which found its lowest level so far at 0.9143 on Friday.
According to Chris Capre, Founder at 2ndSkies Forex: "Selling off impulsively for the last 3 days and 300 pips, the Aussie has broken the neckline of a large HS pattern (head and shoulders) + key level at 9274."
Capre adds that despite the HS pattern suggests a 500 pip decline, "there is a crucial support level at 8895 which was a double bottom from August this year, thus I'll look for a corrective pullback towards 9274 to get short and rejoin the bear trend." Capre's downside targets are at 0.9054 and 8900.
According to Chris Capre, Founder at 2ndSkies Forex: "Selling off impulsively for the last 3 days and 300 pips, the Aussie has broken the neckline of a large HS pattern (head and shoulders) + key level at 9274."
Capre adds that despite the HS pattern suggests a 500 pip decline, "there is a crucial support level at 8895 which was a double bottom from August this year, thus I'll look for a corrective pullback towards 9274 to get short and rejoin the bear trend." Capre's downside targets are at 0.9054 and 8900.