21 Mar 2014
AUD attracting exporters up to 0.9050 – FXStreet
FXStreet (Guatemala) - Ivan Delgado is the Head of Asian Editors at FXStreet and he explained in an article, after topside failure off .9140 descending trendline/200-day MA, sellers continued to push the rate lower towards .90 cents on Thursday, where exporter bids helped see the rate rebound towards .9050 resistance.
Key Quotes:
“On the daily, the picture is still fairly constructive, as price keeps its head just above flat kijun/tenkan lines and the ichimoku cloud. An ascending trendline off lows should also provide additional strong support to the AUD/USD in the event of further setbacks, not that unlikely given the heavy shift into USD longs”.
“Only when/if price trades below mentioned trendline and can clear formidable support circa .89/.8930, sellers could start to claim that they have got a distinctive technical advantage again”.
“Until then, the notion of further gains based on a inverted head and should pattern remains valid, despite recent weakness requires prices not to pick up above .91 up to .9130 to strengthen the bullish case”.
“Trading in the current and all too familiar .8900/.9130 zone should see continuous clashes between buyers/sellers with an undefined bias”.
Key Quotes:
“On the daily, the picture is still fairly constructive, as price keeps its head just above flat kijun/tenkan lines and the ichimoku cloud. An ascending trendline off lows should also provide additional strong support to the AUD/USD in the event of further setbacks, not that unlikely given the heavy shift into USD longs”.
“Only when/if price trades below mentioned trendline and can clear formidable support circa .89/.8930, sellers could start to claim that they have got a distinctive technical advantage again”.
“Until then, the notion of further gains based on a inverted head and should pattern remains valid, despite recent weakness requires prices not to pick up above .91 up to .9130 to strengthen the bullish case”.
“Trading in the current and all too familiar .8900/.9130 zone should see continuous clashes between buyers/sellers with an undefined bias”.