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AUD/CNY challenging a significant support – Westpac

FXStreet (Barcelona) - The Westpac Research Team notes AUD/CNY challenging a significant support level at 5.2760) for the second time in 2014.

Key Quotes

“AUD/CNY is challenging a significant support level at 5.2760 (61.8% retracement of the 2008-2011 uptrend) for the second time in 2014. The first attempt in January failed and set up a 12% rally in the following 3 months.”

“Last week’s low (5.2249) broke the January low (5.2382), however new lows could not be maintained into the weekly close.”

“Risk in the coming weeks is for a short squeeze of at least 3% and possibly higher into the new year.”

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