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19 Mar 2014
Flash: Some caution to the AUD/USD bulls - FXStreet
FXStreet (Guatemala) - Ivan Delgado, who is the Head of Asian Editors at FXStreet gave caution to buyers of AUD/USD in an article he wrote.
Key Quotes
“Caution to be a buyer is required as the rate failed to appreciate even though improved sentiment in the market would suggest the opposite”.
“The daily close near lows after topside failure of 102.00 earlier on the day, adds to the negative bias after 5 out of the last 6 days were losses, keeping risks to the downside; any progress made by bear forces is expected to be slow though, as solid bids continue being reportedly scattered circa 101.20 and below”.
“On the downside, next area of buying interest is 101.20 ahead of 100.80, with a break below exposing 100.50 before 100.00 comes into play. On the upside, buyers could make some progress when/if regaining the 102.00 resistance, in which case further gains towards 102.60/70 may be expected (strong horizontal level)”.
Key Quotes
“Caution to be a buyer is required as the rate failed to appreciate even though improved sentiment in the market would suggest the opposite”.
“The daily close near lows after topside failure of 102.00 earlier on the day, adds to the negative bias after 5 out of the last 6 days were losses, keeping risks to the downside; any progress made by bear forces is expected to be slow though, as solid bids continue being reportedly scattered circa 101.20 and below”.
“On the downside, next area of buying interest is 101.20 ahead of 100.80, with a break below exposing 100.50 before 100.00 comes into play. On the upside, buyers could make some progress when/if regaining the 102.00 resistance, in which case further gains towards 102.60/70 may be expected (strong horizontal level)”.