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11 Sep 2013
AUD/USD, smells like more trouble ahead for sellers... 0.9350 next target
FXstreet.com (Barcelona) - AUD/USD had a solid performance on Tuesday, benefited by yet another 'perfect bullish storm', as an international compromise to avoid a strike in Syria seems likely, coupled with positive Chinese data, light taper - if any - being re-priced this September, following a 'less-than-meet-the-eye' NFP number last Friday, and a more neutral RBA.
Buyers domination unquestionable
The peculiarity of the 0.93+ challenge today, and a matter of high concern to its committed defenders, is that unlike past attempts at it late June/July, this time around we have a commanding bullish candle on the daily, which portrays the current bullish sentiment towards the Aussie, closing near the day highs after finding bids all day long.
AUD/USD technical levels
According Milan Cutkovic from FXWW: "AUD/USD was sold by macro funds at 0.93, but well absorbed", adding that "real money accounts were good buyers above the big figure and specs are now targeting a test of the 0.9350 level." Technically, Cutkovic identifies immediate support at 0.9240, outlining major tech resistance at 0.9340-50.
Buyers domination unquestionable
The peculiarity of the 0.93+ challenge today, and a matter of high concern to its committed defenders, is that unlike past attempts at it late June/July, this time around we have a commanding bullish candle on the daily, which portrays the current bullish sentiment towards the Aussie, closing near the day highs after finding bids all day long.
AUD/USD technical levels
According Milan Cutkovic from FXWW: "AUD/USD was sold by macro funds at 0.93, but well absorbed", adding that "real money accounts were good buyers above the big figure and specs are now targeting a test of the 0.9350 level." Technically, Cutkovic identifies immediate support at 0.9240, outlining major tech resistance at 0.9340-50.