Comments from Skandinaviska Enskilda Banken technical analysis on the AUD/USD, titled: A completed correction?
The primary correction target, the rechecking of the previously broken trend- line, was fulfilled yesterday
(SEB is referring to August 4 moves)
with the pair moving up to 0.7428 before stalling and rolling over to the downside
A move below yesterdays mid body point, 0.7322, will further enhance downside forces and below 0.7260 new trend lows will be confirmed
SEB highlight S/R levels (this from an August 5 note):
- Resistance 0.7374 0.7387 0.7428 0.7450
- Support 0.7322 0.7287 0.7260 0.7234