AUD,NZD/Technical Analysis

AUD/USD: Prefer to sell 1.0295/1.0325 but may not get the chance

I see no reason at the moment to move away from my bearish AUD stance and with big macro hedge funds seemingly also looking to sell, rallies should meet with plenty of supply. The recent pivot at 1.0325 would be an ideal entry level, as we’ve been unable to get back above there since the RBA rate cut. Perhaps it’s best not to be too greedy and look to sell at the 38.2% retracement (1.0475/1.0180) which is at 1.0295.

  1. Sean,

    probably everybody is going to get caught in the aussie down move and it will simply rally is what I think. I suspect 1.0400 again on the aussie. we can sell there

  2. Quite possible Nachiket, we sure have seen this movie before in recent months where all get super bearish and then it bounces on back of Sovereigns and asset managers buying.

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