30 Apr 2014
AUD/USD is a sellers market
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors at FXStreet explained that it seems that AUD/USD sellers have taken control short term.
Key Quotes:
“The daily tenkan indicator has just marginally crossed the kijun to the downside at the close of US markets, which could be interpreted as further evidence that sellers have taken control short term”.
“It is the first time this weak cross occurs since February 11th. Today's cross comes at the 0.93 round number”.
“The pair could soon enter a phase of messy price action, with an undefined bias that could last for over a week should traders take notice of the chikou span entering the late March/early April box”.
“As long as price remains below the kijun line, risks for further setbacks towards 0.92 vicinity ahead of deeper falls towards the top of the cloud at 0.9120/30 should not be ruled out”.
“The longer the price trades below the kijun line, the more reassurance sellers may have on pushing the price further down”.
“In the bigger picture, the market is still perceived as bullish as long as price is kept above the daily cloud, which continues to be quite thick, suggesting that if approached, buying interest should be fairly high”.
Key Quotes:
“The daily tenkan indicator has just marginally crossed the kijun to the downside at the close of US markets, which could be interpreted as further evidence that sellers have taken control short term”.
“It is the first time this weak cross occurs since February 11th. Today's cross comes at the 0.93 round number”.
“The pair could soon enter a phase of messy price action, with an undefined bias that could last for over a week should traders take notice of the chikou span entering the late March/early April box”.
“As long as price remains below the kijun line, risks for further setbacks towards 0.92 vicinity ahead of deeper falls towards the top of the cloud at 0.9120/30 should not be ruled out”.
“The longer the price trades below the kijun line, the more reassurance sellers may have on pushing the price further down”.
“In the bigger picture, the market is still perceived as bullish as long as price is kept above the daily cloud, which continues to be quite thick, suggesting that if approached, buying interest should be fairly high”.