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2 Apr 2014
AUD/USD Bears on top – FXStreet
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors explained that another topside failure at 0.93 in AUD/USD, which makes it 2 in the last 3 days, suggests risk for further setbacks is on the rise.
Key Quotes:
“The market appears to be in transition to a range-bounce phase between 0.92/9215 and 0.93”.
“The breakout of an ascending trendline off March 20 lows supports the notion that bearish pressures may continue to build”.
“The double failure to penetrate 0.93 has led to a temporary disconnection between price and the ichimoku indicators, which are not suitable in the context of ranging environment, as clearly seen in the hourly chart”.
“Sellers need a breakout of 0.9215 now (1.618 fib extension trendline break) to expose the next level of support at 0.9190”.
On the upside, a decisive breach of the round number 0.93 is the next requirement for the market to seek 0.9335 (61.8% fib retrac from the Oct-Jan slide)”.
Key Quotes:
“The market appears to be in transition to a range-bounce phase between 0.92/9215 and 0.93”.
“The breakout of an ascending trendline off March 20 lows supports the notion that bearish pressures may continue to build”.
“The double failure to penetrate 0.93 has led to a temporary disconnection between price and the ichimoku indicators, which are not suitable in the context of ranging environment, as clearly seen in the hourly chart”.
“Sellers need a breakout of 0.9215 now (1.618 fib extension trendline break) to expose the next level of support at 0.9190”.
On the upside, a decisive breach of the round number 0.93 is the next requirement for the market to seek 0.9335 (61.8% fib retrac from the Oct-Jan slide)”.