2 May 2014
AUD/USD: Asia likely to ‘buy the dip’ - Arab Bank
FXStreet (Bali) - After the topside failure above 0.93, with the rate setting a Thursday's low of 0.9260, the pair is likely to recover in Asia, notes David Scutt, Treasury Dealer at Arab Bank.
Key Quotes
"A weak session for the AUDUSD overnight with the pair sliding to a low of .9261 following another failure to clear resistance camped above the .9300 level."
"While hardly convincing price action, given Asia’s propensity to ‘buy the dip’ of late, you’d be hard-pressed today to call anything but yet another slow grind higher."
"Support is found between .9250-61 and again at .9228 with resistance located at .9280 and above .9300."
Key Quotes
"A weak session for the AUDUSD overnight with the pair sliding to a low of .9261 following another failure to clear resistance camped above the .9300 level."
"While hardly convincing price action, given Asia’s propensity to ‘buy the dip’ of late, you’d be hard-pressed today to call anything but yet another slow grind higher."
"Support is found between .9250-61 and again at .9228 with resistance located at .9280 and above .9300."