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Australian Dollar special report

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AUD Flash

Tue, Sep 2 2008, 08:13 GMT
by Clifford Bennett

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The AUD began to rally post RBA announcement only to be caught up in another whirl wind rally by the US dollar.

The USD appears unstoppable at the moment as it makes new highs now against the Euro and Sterling.

Taking a technical look at the AUD there is a chance of immediate support here on the daily chart holding, but really until the market recovers resistance now at .8465, there is risk, the dominant risk is, a sharp exhaustion phase to .8290 or even .8010. See daily chart below.

Having tried to pick the bottom too early on too many occasions, if it breaks immediate support at .8400, one has to accept that further downside risk.

For the moment .8400 .8465, and clearly heavy due to renewed USD strength.

AUDUSD


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