19 Nov 2013
AUD/USD sees dip buying post RBA, re-focus on 0.9420/30?
FXstreet.com (Barcelona) - An avalanche of buying orders were able to easily absorb offers that led to the initial drop in the AUD/USD post RBA minutes, with the rate coming into close contact with 0.9350 support only to be rejected vigorously.
The strong intraday rotation off lows, even with the RBA reminding further cuts should not be ruled out/AUD uncomfortably high, communicates that the market has shifted into buying dips mode short term, with 0.9420/30 potentially on the deck.
Technically speaking, Jim Langlands, Founder at FXCharts, notes: "If we do head above 0.9425, sellers would arrive at 0.9453 (38.2% of 0.9757/0.9268) and then at 0.9480 (minor), 0.9500 and at 0.9512 (50% of 0.9757/0.9268). On the downside, support below 0.9385 will arrive at 0.9365 (38.2% of 0.9280/0.9418) and then at 0.9335 (61.8% and at 0.9312 (76.4%)."
The strong intraday rotation off lows, even with the RBA reminding further cuts should not be ruled out/AUD uncomfortably high, communicates that the market has shifted into buying dips mode short term, with 0.9420/30 potentially on the deck.
Technically speaking, Jim Langlands, Founder at FXCharts, notes: "If we do head above 0.9425, sellers would arrive at 0.9453 (38.2% of 0.9757/0.9268) and then at 0.9480 (minor), 0.9500 and at 0.9512 (50% of 0.9757/0.9268). On the downside, support below 0.9385 will arrive at 0.9365 (38.2% of 0.9280/0.9418) and then at 0.9335 (61.8% and at 0.9312 (76.4%)."