17 Oct 2013
AUD/USD struggling to keep up gains above 0.9550
FXstreet.com (Barcelona) - The AUD/USD is struggling to build on recent gains, failing again at 0.9560 resistance area after a previous retest of 0.9535/40, as prices returns back to session lows.
According to Sean Lee, Founder at FXWW, "look like some weak longs throwing in towel after tech resistance held." While intraday longs may have accelerated its taking profit as per the 20+ pips slide in recent minutes, no significant technical damage is perceived from short term falls unless 0.9495/0.95 swing low first and 0.9480 next are taken out.
In view of Valeria Bednarik, Chief Analyst at FXstreet.com: "The bulls are clearly in control, and technical readings in the hourly chart support it, as price holds above its 20 SMA while indicators head north above their midlines. In the 4 hours chart the technical stance is also bullish, with 20 SMA heading strong up around 0.9500 acting as strong support."
According to Sean Lee, Founder at FXWW, "look like some weak longs throwing in towel after tech resistance held." While intraday longs may have accelerated its taking profit as per the 20+ pips slide in recent minutes, no significant technical damage is perceived from short term falls unless 0.9495/0.95 swing low first and 0.9480 next are taken out.
In view of Valeria Bednarik, Chief Analyst at FXstreet.com: "The bulls are clearly in control, and technical readings in the hourly chart support it, as price holds above its 20 SMA while indicators head north above their midlines. In the 4 hours chart the technical stance is also bullish, with 20 SMA heading strong up around 0.9500 acting as strong support."