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18 Jul 2013
AUD/USD heavy, approaching 0.92
FXstreet.com (Barcelona) - The AUD/USD exchange rate is trading at day lows after a wave of selling took the price from 0.9240 resistance all the way down to 0.9210.
Sit and wait
On the back of the inconclusive statement from Mr Bernanke, in view of Sean Lee, Founder at FXWW, "would seem at first glance to be risk-positive and USD-negative, and since there were no sign of any big moves in AUD/USD or the Yen crosses would seem to belive this notion." Lee, in short, thinks "the market gave no big hints in overnight trade", adding "I think it’s probably best to sit back for a session or two and see if the market does start to move one-way."
AUD/USD technical outlook
According to Jim Langlands, Founder at FXCharts: "Further trade within 0.9190/0.9292 range looks the most probable outcome today, although we do get the NAB Business Confidence data which may provide some direction."
Technically, Langlands sees "both the 4 hour and the daily charts remain positive and the short term bias would be to look to buy dips towards the lower end of the range with a SL placed below the previous support at 0.9170." Below that, Langlands suspects "that we could see another run down towards 0.9130 and possibly back to 0.9100, albeit not today."
Sit and wait
On the back of the inconclusive statement from Mr Bernanke, in view of Sean Lee, Founder at FXWW, "would seem at first glance to be risk-positive and USD-negative, and since there were no sign of any big moves in AUD/USD or the Yen crosses would seem to belive this notion." Lee, in short, thinks "the market gave no big hints in overnight trade", adding "I think it’s probably best to sit back for a session or two and see if the market does start to move one-way."
AUD/USD technical outlook
According to Jim Langlands, Founder at FXCharts: "Further trade within 0.9190/0.9292 range looks the most probable outcome today, although we do get the NAB Business Confidence data which may provide some direction."
Technically, Langlands sees "both the 4 hour and the daily charts remain positive and the short term bias would be to look to buy dips towards the lower end of the range with a SL placed below the previous support at 0.9170." Below that, Langlands suspects "that we could see another run down towards 0.9130 and possibly back to 0.9100, albeit not today."