11 Jul 2013
AUD/USD goes ballistic, finds sellers ahead of 0.93!
FXstreet.com (Barcelona) - AUD/USD exchange rate is skyrocketing towards 0.93, after the contradicting dovish speech by Fed Chairman Ben Bernanke, resulting on a brutal USD long squeeze across the board.
AUD/USD was in need of a squeeze...
According to Sean Lee, Founder at FXWW, "AUD/USD stops were triggered above .9250, adding "the USD bulls are in for a torrid day it seems, with next resistance in the pair at .9340." The squeeze in the AUD/USD is significant, with Lee havinf already noted that since the Australian Dollar was able to ignore negative Chinese/Australian data through the last Asian session, it was quite telling "about the overly short market positioning in this market" Lee said.
Australian jobs data waited
Today's jobs report in Australia, amid the sequence of poor macro and domestic indicators, will most likely dictate whether or not the RBA will take action by cutting rates again on its August meeting.
According to Spiros Papadopoulos, Economist at NAB, recent downbeat readings in both business and consumer confidence in the past two days, "is a worrying sign for the RBA, with a weak labour market report (NAB expects a fall of 15K and the unemployment rate to rise to 5.6%) to increase the prospect of a rate cut in August."
AUD/USD was in need of a squeeze...
According to Sean Lee, Founder at FXWW, "AUD/USD stops were triggered above .9250, adding "the USD bulls are in for a torrid day it seems, with next resistance in the pair at .9340." The squeeze in the AUD/USD is significant, with Lee havinf already noted that since the Australian Dollar was able to ignore negative Chinese/Australian data through the last Asian session, it was quite telling "about the overly short market positioning in this market" Lee said.
Australian jobs data waited
Today's jobs report in Australia, amid the sequence of poor macro and domestic indicators, will most likely dictate whether or not the RBA will take action by cutting rates again on its August meeting.
According to Spiros Papadopoulos, Economist at NAB, recent downbeat readings in both business and consumer confidence in the past two days, "is a worrying sign for the RBA, with a weak labour market report (NAB expects a fall of 15K and the unemployment rate to rise to 5.6%) to increase the prospect of a rate cut in August."