FXstreet.com (Barcelona) - Friday’s squeeze higher off the intraday low has – so far – brought no relief for the AUD and according to Greg Moore, FX Strategist at TD Securities, "we think the main risks here remain geared to the downside" he said.
"Weekly price action formed a strong bearish (outside range) reversal signal last week. The daily oscillator is well on the way to correcting from overbought levels but this will merely add to downside pressure in the near-term. Loss of support in the low/mid 1.04s should provide impetus for further weakness near-term. We are bearish" Greg adds.
"Weekly price action formed a strong bearish (outside range) reversal signal last week. The daily oscillator is well on the way to correcting from overbought levels but this will merely add to downside pressure in the near-term. Loss of support in the low/mid 1.04s should provide impetus for further weakness near-term. We are bearish" Greg adds.
