EU talks with bankers proving difficult
Merkel and Sarkozy are reportedly negotiating directly with the private sector bankers and talks are being described as ‘difficult’. The banks are expected to present their latest counter-offer later today.
AUD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 1.0500 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.9385. Ultimately, only a daily close back above 1.0550 would delay outlook and give reason for pause. A daily close back below 1.0315 confirms outlook and should accelerate declines. Rallies have stalled into the Ichimoku cloud to further confirm bias.
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