Currency Analyst since 2010

AUD/USD: bearish targets

AUD/USD closed yesterday below the psychological level of $0.9000 and hit today an almost 3-year low at $0.8925.

Analysts at Commerzbank expect a decline to $0.8550 (50% retracement of the advance from 2008 to 2011) and then to $0.7700. As for support we’d like to add a 100-month MA at $0.8878.

Aussie is oversold in the short term, so the correction up is very likely. However, the specialists think that Aussie will be capped by $0.9065/0.9130 and $0.9317 on the upside. In their view, the outlook will remain bearish as long as Aussie stays below $0.9388/0.9400 (2011 low and highs from 2009 and 2010).

Chart. Daily AUD/USD

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