29 Jul 2013
AUDUSD attempting to bottom, larger bounce to 0.9650? - 2ndSkies
FXstreet.com (Barcelona) - AUD/USD extended its range between 0.9315/20 and 0.9000 last week, with bids emerging sub 0.9150 post a disappointing Chia's HSBC data supporting a recovery, getting into closer contact with impregnable 0.93+ resistance again.
According to Chris Capre, Founder at 2ndSkies: "For the last 16 days AUD/USD has been building a slight base of HL’s (higher lows). Based on the price action trend structure, the bulls and counter-trend players are holding their ground as they are maintaining more bull closes than the bears."
Capre thinks if buyers can manage to have a daily close above 0.9321, "this could clear the air above, making room for a possible larger retracement up to 9650." Capre suggests to watch "for a potential breakout pullback setup above this 0.9321 to get long."
According to Chris Capre, Founder at 2ndSkies: "For the last 16 days AUD/USD has been building a slight base of HL’s (higher lows). Based on the price action trend structure, the bulls and counter-trend players are holding their ground as they are maintaining more bull closes than the bears."
Capre thinks if buyers can manage to have a daily close above 0.9321, "this could clear the air above, making room for a possible larger retracement up to 9650." Capre suggests to watch "for a potential breakout pullback setup above this 0.9321 to get long."