USD Trading Outlook (26-11-2014)

AUD/USD Europe smashed AUD across the board after the RBA’s Lowe commented that the AUD was high and noted the RBA was in a fortunate position that it could lower rates if needed. AUD/USD dived from the 0.8610 area towards 0.8525 before bouncing near 0.8545 into Ny’s open. NY applied pressure early after GDP beat estimates. 0.8514 was hit but bears ran couldn’t press further as the USD’s post-data gains faded. The pair rebounded above 0.8550 but sellers emerged. They’re noted in the 0.8550/70 zone for now. A spike up in EUR saw EUR/AUD buyers clear the 200-DMA and touch the 1.4640/45 area. This saw AUD/USD make a trip back towards the low. Very little bounce was seen and the pair sat just above the day’s low late in the day. The technical outlook grows bearish as day/week RSIs weigh, s-t T-L support is broken and the pair accelerates lower from the 38.2 Fib of 0.4775-1.1081. Loads of US data are due tomorrow. If the results show a solid US econ AUD/USD’s slide will press on. Bears are targeting the May 2010 low.