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10 Sep 2014
AUD/USD: Playing with fire circa 0.92 handle
FXStreet (Bali) - AUD/USD">AUD/USD had a brief break below the important 0.92, hitting its lowest at 0.9188, and heightening the risks of further losses in the session ahead.
Some traders might have been quite perplex to see the Aussie turnaround in such a strong fashion following the stellar performance from recent weeks. Besides, there was no easily identifiable catalyst other than risk unwinding.
Peter Fell, Analyst at FXBeat, notes: "The correction lower from 9403 high seen on Friday after NFP, seems to be gathering momentum, however, there is still some support to be had, 9182 is 38.2% fib on the 8660 / 9505 rise), also 200 DMA."
"Local data today is Westpac's consumer confidence is due at 00:30 GMT, the last reading showed a rise of 3.8% to 98.5. Topside, I hear of local importer supply between 9230/40, not much in the way of demand until 9150/60", Peter added.
Some traders might have been quite perplex to see the Aussie turnaround in such a strong fashion following the stellar performance from recent weeks. Besides, there was no easily identifiable catalyst other than risk unwinding.
Peter Fell, Analyst at FXBeat, notes: "The correction lower from 9403 high seen on Friday after NFP, seems to be gathering momentum, however, there is still some support to be had, 9182 is 38.2% fib on the 8660 / 9505 rise), also 200 DMA."
"Local data today is Westpac's consumer confidence is due at 00:30 GMT, the last reading showed a rise of 3.8% to 98.5. Topside, I hear of local importer supply between 9230/40, not much in the way of demand until 9150/60", Peter added.