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4 Jun 2013
Flash: AUD/USD rebound capped by consolidation – ANZ
FXstreet.com (Barcelona) - According to Tim Riddell, Head of Global Markets Research at ANZ, “Despite minor AUD/USD breaches of the range flip target (0.9580-0.9600), the rebounds above 0.9660 should build into an interim consolidation range (potentially 0.9550-0.9950).”
In addition, the steep down-channel is yet to be broken, so redefining of the recent 0.9525-30 low could still be seen, though the risk of 0.9300-0.9380 should be pushed aside whilst this interim range trading develops.
“The long held bias that a structural top occurred at 1.1075-85 in 2011 has been supported by recent price action. The relatively aggressive retest of 0.9580-0.9600 does highlight the longer term potential for measured moves/retracements (to 0.9300-0.9380, possibly even 0.9140-0.9200). However, the current bias is for an interim consolidation (0.9550-0.9950).” Riddell adds.
In addition, the steep down-channel is yet to be broken, so redefining of the recent 0.9525-30 low could still be seen, though the risk of 0.9300-0.9380 should be pushed aside whilst this interim range trading develops.
“The long held bias that a structural top occurred at 1.1075-85 in 2011 has been supported by recent price action. The relatively aggressive retest of 0.9580-0.9600 does highlight the longer term potential for measured moves/retracements (to 0.9300-0.9380, possibly even 0.9140-0.9200). However, the current bias is for an interim consolidation (0.9550-0.9950).” Riddell adds.