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10 Dec 2014
AUD/USD still in a bear trend, lower prices from here - 2ndSkies
FXStreet (Bali) - Following a strong rejection off 0.8350/70 resistance in AUD/USD, Chris Capre, Founder at 2ndSkies Forex, notes that he market is still is in a bear trend, suspecting lower prices from here.
Key Quotes
"Initially gaining strong on the day, the Aussie found heavy offers around the 8360, forming a long tailed pin bar at resistance there. Hence intra-day, sellers were happy to sell into strength."
"For now, this level becomes a resistance level on pullbacks, so those not yet short can look for weak pullbacks into here. The market still is in a bear trend, hence we suspect lower prices from here."
I"f the market does keep falling from here, then the yearly lows around 8235 are the first target, with 8100 being the second. There is another resistance and role reversal level higher as well around 8428."
Key Quotes
"Initially gaining strong on the day, the Aussie found heavy offers around the 8360, forming a long tailed pin bar at resistance there. Hence intra-day, sellers were happy to sell into strength."
"For now, this level becomes a resistance level on pullbacks, so those not yet short can look for weak pullbacks into here. The market still is in a bear trend, hence we suspect lower prices from here."
I"f the market does keep falling from here, then the yearly lows around 8235 are the first target, with 8100 being the second. There is another resistance and role reversal level higher as well around 8428."