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AUD/USD: Bears in full control, sell rallies looks safer

FXStreet (Bali) - AUD/USD keeps making lower lows in Asia, with the USD still strengthening ahead of Tokyo in response to the FOMC outcome, with the rate presently exchanging hands at 0.8940 lows.

According to Jim Langlands, Founder at FXCharts, by heaading below 0.8960, not only the target of a head annd shoulder has been reached, but "Aud has also taken out some very important levels, these being the rising monthly trend line from 2008 and the 61.8% Fibo retrace of 0.8660/0.9505 and has potential quite bearish consequences for the Aud."

Jim notes that the next levels to watch are "at 0.8923 (12 March low), 0.8890 (3 March low) and 0.8860 (76.4% of 0.8860/0.9505)." On the topside, "if we see a rally, 0.8980 will act as the initial resistance, beyond which sellers will now line up at 0.9000", Jim adds.

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