18 Nov 2013
AUD/USD capped by offers ahead of 0.94
FXstreet.com (Barcelona) - AUD/USD continues to trade near the upper end of what seems to be a short term 0.94-0.9280 range being carved out, with strong offers still lying near 0.94, according to market sources.
From a daily basis, the downtrend is still in place, with consolidation communicating an 'equilibrium' period found. In the event of a break through 0.94, the area at 0.9430 seems to shows value to sell strength, as it is also confluence with the 20ema daily). On the downside, 0.9350/60 should see buying interest ahead of further congestion as price runs lower towards 0.93.
In terms of Ichimoku readings, rejected off the kumo cloud on the daily, the lead kumo (future sentiment) is about to cross bearish, which combined with the Tenkan and Kijun having turned flat, it suggests upside should be limited.
From a daily basis, the downtrend is still in place, with consolidation communicating an 'equilibrium' period found. In the event of a break through 0.94, the area at 0.9430 seems to shows value to sell strength, as it is also confluence with the 20ema daily). On the downside, 0.9350/60 should see buying interest ahead of further congestion as price runs lower towards 0.93.
In terms of Ichimoku readings, rejected off the kumo cloud on the daily, the lead kumo (future sentiment) is about to cross bearish, which combined with the Tenkan and Kijun having turned flat, it suggests upside should be limited.