27 Jun 2013
AUD/USD, 0.9330/40 still proves challenging
FXstreet.com (Barcelona) - The AUD/USD is building up on recent gains, last at 0.9321 after finding a session high just a few pips shy from Wednesday's peak at 0.9342.
Latest rally suggestive short term change in sentiment
The persistence of the AUD/USD to challenge higher quotes is a reflection of the short-term increase in participation from the buying side, which aims to take out the recent high in order to open up doors for healthier rebound. In view of <a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=3114f982-e189-413b-8d34-458b4c2eedd2">Sean Lee, Founder of FXWW, stops are reported above 0.9375, which is still at a fair distance from current levels.
The bullish structure remains in place, stock buoying the Aussie
The bullish structure mentioned earlier is a sign that dip buying traders should be active, with 0.93 round number now seen as the first structural support - sequence of highs 24,25 -. As long as above 0.9240, the interest to join the bids in this market should remain quite strong. The Shanghai SEC index is up 0.40% at lunch break, a factor still supporting the Aussie.
Latest rally suggestive short term change in sentiment
The persistence of the AUD/USD to challenge higher quotes is a reflection of the short-term increase in participation from the buying side, which aims to take out the recent high in order to open up doors for healthier rebound. In view of <a href="http://www.fxstreet.com/news/forex-news/article.aspx?storyid=3114f982-e189-413b-8d34-458b4c2eedd2">Sean Lee, Founder of FXWW, stops are reported above 0.9375, which is still at a fair distance from current levels.
The bullish structure remains in place, stock buoying the Aussie
The bullish structure mentioned earlier is a sign that dip buying traders should be active, with 0.93 round number now seen as the first structural support - sequence of highs 24,25 -. As long as above 0.9240, the interest to join the bids in this market should remain quite strong. The Shanghai SEC index is up 0.40% at lunch break, a factor still supporting the Aussie.