AUD/USD: Broad consolidation - Westpac

Sandeep Kanihama FXStreet Contributor

Tim Riddell, Research Analyst at Westpac, suggests that despite breaching retracement/support at 0.7480, an interim base appears to be forming off 0.7410-20 for AUD/USD pair, supported by a sound turn in daily momentum

Key Quotes

“The style/scale of rebounds is critical. A close above 0.7650 would temper current bias for limited corrective bounces prior to another leg lower (to 0.7325-50).”

“Weekly

Weekly momentum has pulled back to levels which defined range support over the past two years. This raises the risk that a potential base may develop
Despite risk that range affirming may be in play, if near term rebounds falter, price “patterns” could quickly swing towards another/extending slide towards 0.7200.”

“Monthly

Monthly momentum has a more neutral to cautious tone for AUD. Though it should be noted that RSI’s have not yet broken lower, the downside is favoured

A spike to retest the 0.7150-0.7200 area could develop without altering the longer term bias for a continued broad consolidation forming since early 2016.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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