AUDUSD - Retesting lows sub 0.9000

 The AUDUSD has sold off gain this morning and is back under the 0.9000 level after having flirted with the idea of staying above the 20Day MAs but once again was rejected.  We had a bounce off the previous downtrend line but failed to break above the 0.9050 / 0.9070 so are retesting the previous lows.  MACD and other trending indicators are not working terribly well on the daily charts it has to be noted, so am watchful of the Parabolics.



Downside targets are 0.8932 (Low on 22/08/13) 0.8848 (Low on 05/08/13) but a narrowing Bollinger band could cause some resistance before we get to the later, so this should be taken into account.  On the upside 0.9050 / 0.9070 is a key area to watch out for, a close back over this resistance and we could see some higher numbers to follow, 0.9200 and then the 0.9300 after that.

We have some business confidence data around the AUD on wednesday so there might be some noise on the 28/08 but after that, people will be focusing on the RBA meeting on 03/09

Charts sourced from IG.com