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AUD/USD: Waiting for a Retest (August 1, 2013)
AUD/USD has finally broken below its recent range, with resistance at .9300 and support at .9050. The pair has dipped below the .900 handle but it could still make a retest of the former support before heading any lower.
Stochastic has been in the oversold region for quite some time already, which suggests a potential move up. However, given the weak Chinese and Australian fundamentals, the downtrend could remain intact.
The .9000 to .9050 levels form a good sell zone as one could aim for new lows if the selling pressure remains very strong.
By Kate Curtis from Trader's Way
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