AUD/USD: Tough time for the Aussie – TDS

Analysts at TD Securities remain committed sellers of AUD rallies and look to fade any further upward progress back toward a 0.65 handle. 

Key quotes 

“We note that the daily MACD has recently rolled over, pointing to a deteriorating technical backdrop. Today may not be the day to look for it, but we think a push lower through a near-term double bottom a hair above 0.64 could see additional selling pressure emerge.” 

“We’d expect to see a test of 0.6370. The real prize is a bit lower, we think. We think the 0.6260 area could emerge as the key threshold for further downside potential.”

“We think we’d have to see a clear move above recent highs at 0.6570 to revisit our bearish bias.”