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2 Aug 2013
AUD/USD blows 0.89 stops; next target 0.8860
FXstreet.com (Barcelona) - AUD/USD has broken its 0.89 hurdle, allowing further downside as the dominant bearish trend continues unstoppable, especially after the downside resolution off the 0.90-0.93 range earlier this week.
As reported earlier this week on the aftermath of the 0.90 daily close, the pair appears to be on track for the next target at 0.8860. Even more vocal on its bearish views was Alp Kocak, Strategist at DailyForex.com, who said "simply put, if the pair can get a daily close below 0.90, it may absolutely crater." Kocak did not rule out an eventual collapse towards 0.80.
Chris Capre, Founder at 2ndSkies, coincides on identifying next target, saying yesterday: "0.8858 and 8775 becoming downside targets (Aug. 3, 2010 lows) while corrective pullbacks towards the big figure at 9000 become resistance and potential sell entries; daily close above 9000 and follow up gains would negate this bearish bias."
Judging by the sharp 10 pips move through 0.8900 - an area unsuccessfully defended - some sizeable stops were tripped below that round number.
As reported earlier this week on the aftermath of the 0.90 daily close, the pair appears to be on track for the next target at 0.8860. Even more vocal on its bearish views was Alp Kocak, Strategist at DailyForex.com, who said "simply put, if the pair can get a daily close below 0.90, it may absolutely crater." Kocak did not rule out an eventual collapse towards 0.80.
Chris Capre, Founder at 2ndSkies, coincides on identifying next target, saying yesterday: "0.8858 and 8775 becoming downside targets (Aug. 3, 2010 lows) while corrective pullbacks towards the big figure at 9000 become resistance and potential sell entries; daily close above 9000 and follow up gains would negate this bearish bias."
Judging by the sharp 10 pips move through 0.8900 - an area unsuccessfully defended - some sizeable stops were tripped below that round number.