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AUD/USD: Bearish Signal On A Definite Close Below 0.7330

The Australian dollar was hit hard by the RBA, twice. But it is not only the fundamentals that tend to point lower for the A$. Also the technical level could provide a clear bearish signal, but this depends on one more move. Here is the explanation by the team at SocGen.

Here is their view, courtesy of eFXnews:

A definite close in AUD/USD below double bottom confirmation level at 0.7330 will be needed to signal a further down move towards the next support  levels at 0.7260, 0.7150/0.71 and 0.7060, notes SocGen Techs.

AUDUSD hourly chart May 2016

“Short term, it achieved an intermittent target (0.7830). With diverging daily indicators, a consolidation lower is not ruled out. 0.7330 is medium term support.

For those who might consider shorts, SocGen tips 0.74 as a possible stop.  

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.