7 Apr 2014
AUD/USD: Asia to buy dip, retest of .93080 eyed - Arab Bank
FXStreet (Bali) - According to David Scutt, Treasury Dealer at Arab Bank in Australia, the AUD/USD is likely to retest recent highs at 0.9308 in the current Asian session.
Key Quotes
"While the Aussie has looked toppy around the .9300 level, given strong momentum and Asia’s tendency to ‘buy the dip’ no matter how shallow the decline of late, it’s likely that we’ll see a test of Friday’s high of .9308 at some point during today’s session."
"Should that level indeed go, expect the pair to set its sights on .9339, the 61.8% Fibonacci retracement of the October-February high-low. Conversely, should the Aussie give back ground, not our base case scenario, expect buying to emerge from .9284-80 and again at .9263."
Key Quotes
"While the Aussie has looked toppy around the .9300 level, given strong momentum and Asia’s tendency to ‘buy the dip’ no matter how shallow the decline of late, it’s likely that we’ll see a test of Friday’s high of .9308 at some point during today’s session."
"Should that level indeed go, expect the pair to set its sights on .9339, the 61.8% Fibonacci retracement of the October-February high-low. Conversely, should the Aussie give back ground, not our base case scenario, expect buying to emerge from .9284-80 and again at .9263."