6 Jan 2014
Flash: AUD/USD needs to regain 0.90/0.9035 - BBH
FXstreet.com (Bali) - AUD/USD keeps attracting buying interest on dips, with a break above 0.90-9035 now necessary to ease negative bias in the very short term, notes Marc Chandler, Head of FX at BBH.
Key Quotes
"The 20-day moving average had turned back bounces in the Australian dollar twice in November and twice in December. It stalled there again on Jan 2, but short through it on Jan 3."
"While the RSI and MACDs have turned up, we are suspicious of a bull trap. A break of the $0.9000-35 area would ease these suspicions and suggest scope toward $0.9150-$0.9200."
Key Quotes
"The 20-day moving average had turned back bounces in the Australian dollar twice in November and twice in December. It stalled there again on Jan 2, but short through it on Jan 3."
"While the RSI and MACDs have turned up, we are suspicious of a bull trap. A break of the $0.9000-35 area would ease these suspicions and suggest scope toward $0.9150-$0.9200."