Comments on: AUD/USD: Bearish but decent support waiting at 1.0100

By: Iridium

Iridium — Mon, 08 Oct 2012 05:08:45 +0000

Sean,
I would like to add to your analysis the following.

On a weekly chart for AUDUSD, we can see that the weekly 100MA has provided support several times, but that las week we closed below this key support. The last time we broke the weekly 100MA was during May’s risk off. However, the weekly 150MA provided us support at that time.

Therefore, I would say I am now fully bearish on AUDUSD and will look to sell any move up. For instance employment number which are often a lagging economic indicator could offer us a rally in AUDUSD.

New important resistance comes at 0.99 (150 weekly MA) and parity 1.00.

By: Sean Lee

Sean Lee — Mon, 08 Oct 2012 01:48:09 +0000

Certainly a possible top on s/t charts and is definitely way overbought so risk-reward in selling with tight s/l does make sense. Overall think we will go 132/133 on this pair but certainly could easily pullback to 12650ish first imho

By: Nachiket

Nachiket — Mon, 08 Oct 2012 01:41:22 +0000

Sean,

I have a sell signal on EUR/AUD after a long time. H4 is bearish and a potential top off may be formed. Ur Views?

By: Sean Lee

Sean Lee — Sun, 07 Oct 2012 22:24:16 +0000

Morning Jason, fair points you make. I’m sure both bulls and bears will have their periods of ascendency over the next few weeks. Have a great week++

By: Jason Jin

Jason Jin — Sun, 07 Oct 2012 21:59:03 +0000

Sean, I have to say I am cautiously bearish on AUD. I think the cut by RBA in the last meeting is only marginally justified after carefully reading their statements (this is my view obviously). And if this Thursday job report come out better it could shift the sentiment on AUD.

I am less bearish on China in the s/t than most of the analyst review. I think the national congress will give the economy a boost.