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27 Jun 2013
AUD/USD - buyers actively participating, 0.93 re-taken
FXstreet.com (Barcelona) - AUD/USD has regained the bid tone along Asian hours, currently quoting at 0.9295 following the topside failure through 0.9330/40 during the US session.
Hedge funds defend 0.9330/40
The pair recovers from levels just below 0.9250 after the hedge fund community managed to protect the mentioned 0.9330/40 area on Wednesday.
The recent sharp retracement from a 4-day high on reported orders by FXWW, suggests, in view of Sean Lee, that "the rise was totally stop-loss driven in the first place."
Technicals still constructive
The AUD/USD still keeps a bullish structure on the hourly chart, with higher highs ans higher lows being printed, thus buying strategies are likely to keep participating on a potential higher correction. The next major test will be again at 0.9330/40, with a break higher possibly opening the doors to significantly higher ground. A break back below 0.9240 would negate the current higher lows structure and may expose recent lows again.
Hedge funds defend 0.9330/40
The pair recovers from levels just below 0.9250 after the hedge fund community managed to protect the mentioned 0.9330/40 area on Wednesday.
The recent sharp retracement from a 4-day high on reported orders by FXWW, suggests, in view of Sean Lee, that "the rise was totally stop-loss driven in the first place."
Technicals still constructive
The AUD/USD still keeps a bullish structure on the hourly chart, with higher highs ans higher lows being printed, thus buying strategies are likely to keep participating on a potential higher correction. The next major test will be again at 0.9330/40, with a break higher possibly opening the doors to significantly higher ground. A break back below 0.9240 would negate the current higher lows structure and may expose recent lows again.