14 Mar 2014
AUD/USD sold at 0.9040, retesting 0.9010/15 support
FXStreet (Bali) - AUD/USD has been rejected off 0.9040 ahead of the Tokyo open, with selling in AUD/JPY pressuring the rate, currently at 0.9015 session low.
While the fall has been quite impulsive, there is still no significant technical damage done until sellers can overcome the 0.90/0.9010 area, where solid buying interest remains.
According to John Noonan, Head of IFR Markets: "AUD/USD above 0.9000 looks a bit expensive given the spike in risk aversion."
Technically, Jim Langlands, Founder at FXCharts, notes: "The 100/200 HMA looks as though they are about to cross at around 0.9010/15, and while the Aud holds above here it could yet head a bit higher. A break back below 0.9000 would again hint at a run towards 0.8980, although I don’t see it much under here today. If wrong, we could see a decline towards the recent lows at 0.8925."
While the fall has been quite impulsive, there is still no significant technical damage done until sellers can overcome the 0.90/0.9010 area, where solid buying interest remains.
According to John Noonan, Head of IFR Markets: "AUD/USD above 0.9000 looks a bit expensive given the spike in risk aversion."
Technically, Jim Langlands, Founder at FXCharts, notes: "The 100/200 HMA looks as though they are about to cross at around 0.9010/15, and while the Aud holds above here it could yet head a bit higher. A break back below 0.9000 would again hint at a run towards 0.8980, although I don’t see it much under here today. If wrong, we could see a decline towards the recent lows at 0.8925."