FXstreet.com (New York) – Once again, the downtrend remains firmly in place – last week’s AUD/USD failure to breach 0.9250 and the swift slide below 0.9000 underscores the corrective nature of rebounds, suggests Tim Riddell, Head of Global Markets Research at ANZ.
“Any further rebounds could struggle in the 0.9100-25 area. Such minimal rebounds, or a close below 0.8925, could even trigger an early return to the downtrend (so much for hopes for a standard squeeze to 0.9500) and slippage towards the 0.8550-0.8675 target area.”
“Even if rebounds do occur, they will still be seen as selling opportunities. Despite apparently supportive …read more