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22 Nov 2013
AUD/USD bearish party goes on, 0.92 gives up
FXstreet.com (Barcelona) - After correcting higher in the first few hours of Asian trade, the Australian Dollar has been hit yet again by a strong wave of sell orders, taking the exchange rate below 0.92, with 0.9177 lowest.
RBA Stevens plays his role very smart
The Australian Dollar, which has been trading heavy since the rejection off 0.9450 earlier on the week, saw the selling pressure accelerate significantly after warnings by RBA's Governor Stevens, who said "we remain open-minded on intervention."
AUD/USD technical perspective
As Jim Langlands, Founder at FXCharts, notes: "I suspect the RBA are waiting for tapering to begin in the US, at which point they will also intervene in the Aud and the double whammy will get it back to roughly where they would like it…a lot nearer 0.8000 than 0.9000!! That could take months, as the Fed is not in any hurry at all to taper."
Should the AUD/SUD break and close the week below 0.9200, Lnglands thinks "it would be rather ominous for further losses towards 0.9000, with minor supports at 0.9160 and then at 0.9110 with stronger support at 0.9095 (76.4% of 0.8892/0.9757)." Logically, Langlands suggests to perceive bounces as sell opportunities.
RBA Stevens plays his role very smart
The Australian Dollar, which has been trading heavy since the rejection off 0.9450 earlier on the week, saw the selling pressure accelerate significantly after warnings by RBA's Governor Stevens, who said "we remain open-minded on intervention."
AUD/USD technical perspective
As Jim Langlands, Founder at FXCharts, notes: "I suspect the RBA are waiting for tapering to begin in the US, at which point they will also intervene in the Aud and the double whammy will get it back to roughly where they would like it…a lot nearer 0.8000 than 0.9000!! That could take months, as the Fed is not in any hurry at all to taper."
Should the AUD/SUD break and close the week below 0.9200, Lnglands thinks "it would be rather ominous for further losses towards 0.9000, with minor supports at 0.9160 and then at 0.9110 with stronger support at 0.9095 (76.4% of 0.8892/0.9757)." Logically, Langlands suggests to perceive bounces as sell opportunities.