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20 May 2014
AUD/USD: Break below 0.93 exposes 0.9250/60
FXStreet (Bali) - AUD/USD is having difficulties to bounce off lows, with sellers pressuring the rate for a break of 0.93, a development which if eventuates, would be technically damaging for the interest of Aussie longs.
According to Sean Lee, Founder at FXWW: "The next batch of stops reported is below .9270 but I’m not sure if the market can generate enough momentum to target those stops but it’s certainly possible; those clever traders who sold earlier at .9330 will undoubtedly be hoping to book profits if we do get down there..."
Earlier on the day, Valeria Bednarik, Chief Analyst at FXStreet, speculated that "a price acceleration below 0.9320 (Seen pre-RBA) should lead to a continued slide towards critical midterm support around 0.9260, that will hardly be broken at a first attempt." Judging by the lack of buying interest near 0.93 so far, looks like risks continue building up for a break of the round number.
According to Sean Lee, Founder at FXWW: "The next batch of stops reported is below .9270 but I’m not sure if the market can generate enough momentum to target those stops but it’s certainly possible; those clever traders who sold earlier at .9330 will undoubtedly be hoping to book profits if we do get down there..."
Earlier on the day, Valeria Bednarik, Chief Analyst at FXStreet, speculated that "a price acceleration below 0.9320 (Seen pre-RBA) should lead to a continued slide towards critical midterm support around 0.9260, that will hardly be broken at a first attempt." Judging by the lack of buying interest near 0.93 so far, looks like risks continue building up for a break of the round number.