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6 Aug 2014
AUD/USD failing to find enough dip buyers
FXStreet (Bali) - AUD/USD's downside pressures continue in early Asian trade, with the pair currently exchanging hands just below 0.93.
Last week's recovery off 1.9275 lows saw the pair pick up some short term momentum, but solid offers stack above the 0.9330 (0.9342 was the highest on Tuesday), has seen the bears take control again, taking the price towards the 76.4% fib retrac from July 31-Aug 4 leg-up.
On the back of a neutral RBA on Tuesday, which resulted in a muted price reaction, and ahead of Thursday’s Aus employment data, according to Jim Langlands, Founder at FXCharts, "with no data out today we can probably expect a fairly rangebound session, close to current levels."
"The short term charts are a bit mixed so I don’t really have much of a view for the coming session but given the soft look on the daily charts, selling rallies towards the descending trend resistance at around 0.9325 would seem to be a plan...", Jim adds.
Last week's recovery off 1.9275 lows saw the pair pick up some short term momentum, but solid offers stack above the 0.9330 (0.9342 was the highest on Tuesday), has seen the bears take control again, taking the price towards the 76.4% fib retrac from July 31-Aug 4 leg-up.
On the back of a neutral RBA on Tuesday, which resulted in a muted price reaction, and ahead of Thursday’s Aus employment data, according to Jim Langlands, Founder at FXCharts, "with no data out today we can probably expect a fairly rangebound session, close to current levels."
"The short term charts are a bit mixed so I don’t really have much of a view for the coming session but given the soft look on the daily charts, selling rallies towards the descending trend resistance at around 0.9325 would seem to be a plan...", Jim adds.