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$AUDUSD Attempting a Base

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A far more positive tone last week after the RBA statement Tuesday to surge higher, and again Friday to push above the down trend lines from June and May.

This has more than just eased bear extension pressures with strong bias for a base and neutral shift into early August (only above .7499).

Whilst below .7499 we see a still bear theme for August, but growing risk is for a push through here and a switch to a broader range theme.

For Today:

We see an upside bias through .7428; break here aims for key .7449 and key .7499 barrier.

But below .7360 opens risk down to .7332/12.

Short/ Intermediate-term Outlook - Downside Risks:

Whilst below .7499 we see a negative tone resurfacing with the bearish threat to .7269 and .7091.

Break sees psychological .7000.

What Changes This? Above .7499 signals a neutral tone, only shifting positive above .7849.  


To view the full AUDUSD report with screencasts, levels and more, click here
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4 Hour AUDUSD Chart

b2ap3_thumbnail_aud2_20150810-054334_1.png

Daily AUDUSD Chart

b2ap3_thumbnail_aud1_20150810-054330_1.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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