AUD/USD: Weekly Technical Analysis For May 9-13, 2016

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AUD/USD’s sharp decline last week suggests that rebound from 1.6826 is finished at 0.7833 already, ahead of 0.7849 medium term retracement level. Initial bias remains on the downside this week for 61.8% retracement at 0.7211 as 21 and 55 EMA remains crossed southward with SSRC signalling more bearish momentum. Firm break will target a test on 0.6826 low. On the upside, above 0.7446 minor resistance will turn bias neutral and bring consolidations before staging another decline.


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