AUD/USD bear flag is still unfolding after respecting .93 resistance, notes Nomura. Such a bearish development, according to Nomura, suggests a further follow up on the downside towards multi-technical targets:
"The entire sideways range can be labeled as a wave-(2) correction of the 1.06-.90 downtrend and once complete suggests another move lower. The rare negative RSI reversal projects down to .8853," Nomura projects.
"S/T prices are approaching critical range lows at .9030/00 but the 1.618 extension of the latest 5 wave decline (.9320-.9130) projects a follow through to .8988," Nomura adds.
On the upside, Nomura thinks that resistance at .9129 will effectively cap in the near term. "With momentum, trend and pattern all pointing lower we expect that level to contain any near-term upside," Nomura clarifies.
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