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