FX : AUD/USD: Aussie rally from 0.8155 stalls at 0.8430
FXstreet.com (Barcelona) - Aussie rally from 0.8155 low on August 17 has stalled at 0.8430, Aug 24 and 25 high, and the Aussie has remained trading in a range from 0.8330 to 0.8430, near critical level at 0.8470, according to Karen Jones, technical analyst at Commerzbank.
Jones warns about failure at current levels, as she adds, the market stalled several times at 0.8470: "The market has recently failed ahead of psychological resistance at .8500, and its new high of .8470 has been accompanied by a divergence of both the daily and the weekly RSI – this implies that an interim top has been charted."
Furthermore, Jones expects the Aussie to ease lower, with special attention to 0.8167 level: "The 8167 support line is now exposed. Failure here will confirm .8470 as an interim top and trigger losses to .7990 (55 week ma), .7702/July low then .7530 (Fibo)."
