Australian dollar technicals still bearish

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From Credit Suisse:

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AUDUSD continues to threaten a top below .9202.
AUDUSD held key support at .9205/02 – the April/May low – and staged a bounce. However, with the market still trading
below the 21-day average at .9308, the immediate risk remains seen as lower. Our bearish bias leans towards aretest of key support at .9208/02. A break here would then complete a top for a move lower towards .9172 – the 200-day moving average, with scope for .9155 – the 38.2% retracement of the January/April rally. Resistance shows at .9276/86 initially, with a move above .9308 needed to ease the immediate downside bias.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.