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19 May 2014
AUD/USD confined in a 0.80 cents range
FXStreet (Bali) - AUD/USD opened in retail platforms this Monday at 0.9372, up from Fridays 0.9359 NY close, with interbank traders taking the rate as high as 0.9377.
The current trading environment continues to be range-bound, with persistent interest to keep the rate confined in a 0.80 cents range between 0.94 and 0.9320. If one takes notice of the latest price action, falls off 0.94 have been more impulsive than the subsequent recoveries, a sign that there will potentially be more challenges for buyers to resume the uptrend, clearly seen on the daily, time frame that saw the tenkan cross the kijun above the cloud last week.
Technically, the pair needs a resolution away from its current 7-day range in order to stimulate new flows into the AUD market. While a topside breakout will still see near by troubling areas at 0.9425 ahead of 0.9450/55, a downside break may also find solid bids every 20 pips sequence near the round number 0.93 and 0.9280.
The current trading environment continues to be range-bound, with persistent interest to keep the rate confined in a 0.80 cents range between 0.94 and 0.9320. If one takes notice of the latest price action, falls off 0.94 have been more impulsive than the subsequent recoveries, a sign that there will potentially be more challenges for buyers to resume the uptrend, clearly seen on the daily, time frame that saw the tenkan cross the kijun above the cloud last week.
Technically, the pair needs a resolution away from its current 7-day range in order to stimulate new flows into the AUD market. While a topside breakout will still see near by troubling areas at 0.9425 ahead of 0.9450/55, a downside break may also find solid bids every 20 pips sequence near the round number 0.93 and 0.9280.