AUD/USD hits levels below 1.0400, 4-month low (6 Aug 2011)
After a short-lived recovery the Aussie resumed the decline against the US Dollar and reached the weakest level in four months. The AUD/USD rose to 1.0525 but reversed and fell sharply, losing daily gains in a few hours. After breaking below 1.0400 the pair tumbled to 1.0380, reaching the lowest price since April 7. ?Lack of strength to see a strong bounce is keeping the pair pressured on the downside,? said the Kshitij Consultancy Services Team.
After bottoming the Aussie rebounded and rose back above 1.0400 and currently trades at 1.0410, still lower for the day and headed toward the fifth daily decline in a row. According to the Kshitij Team a close below 1.0500 will signal a trend reversal and would open the doors for a bigger decline toward 1.0250 ? 1.0200.
On a weekly basis the AUD/USD is headed toward the worst decline in pips since October 2008.
IMO, this can only be positive for BSL.
BSL Price at posting:
81.7¢ Sentiment: LT Buy Disclosure: Held
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