25 Jun 2014
AUD/USD: Sellers take back control, 0.9320/30 next destination?
FXStreet (Bali) - AUD/USD saw another topside failure near the top of its range at 0.9450/60, with the latest China HSBC PMI-induced spike not enough to overcome a seller's stronghold ever since first tested on April 11th this year.
The latest slide on the Aussie has taken the rate below important support at 0.9370/80, which communicates increasing risks of a downward acceleration towards next critical support at 0.9330/40. Moves, not to be forgotten, are within the context of a well established 0.92-0.9450/60 range.
According to Sean Lee, Founder at FXWW: "Option players have been dominating the AUD/USD market for the last few weeks but we should see corporate and institutional flows start to pick up as the end-of-financial year beckons for Australian businesses. "
"I’ve got no strong insight into the overall flow expectations, with banks now hanging on really tightly to this information, but most analyst predictions that I’ve seen suggest net AUD demand. That said, don’t be expecting any range breaks, with .9325/.9425 likely to contain most of the intraday noise", Sean adds.
The latest slide on the Aussie has taken the rate below important support at 0.9370/80, which communicates increasing risks of a downward acceleration towards next critical support at 0.9330/40. Moves, not to be forgotten, are within the context of a well established 0.92-0.9450/60 range.
According to Sean Lee, Founder at FXWW: "Option players have been dominating the AUD/USD market for the last few weeks but we should see corporate and institutional flows start to pick up as the end-of-financial year beckons for Australian businesses. "
"I’ve got no strong insight into the overall flow expectations, with banks now hanging on really tightly to this information, but most analyst predictions that I’ve seen suggest net AUD demand. That said, don’t be expecting any range breaks, with .9325/.9425 likely to contain most of the intraday noise", Sean adds.