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20 May 2014
AUD/USD dropping out of consolidation
FXStreet (Guatemala) - Ivan Delgado, head of Asian editors explained that, unlike, last week's price action, the start of a new week leaves us an uglier tech picture for the AUD/USD, which found virtually no buying interest near the important support 0.9320.
Key Quotes:
“The absence of bids near lows may provide a good argument for bears to make a final push lower and break the familiar 0.9320/30-.94 range”.
“Note that the strong tk/kj cross from last week has failed to provide any momentum to the upside, today losing the daily tenkan, with the kijun at 9310 today, exposed. A break below the latter would probably invalidate the strong cross bullish signal”.
“Regardless of the increased bearish pressures that seems to be building up, a thick bullish daily cloud still suggests that any downside setback will find constant dip buying interest at lower levels, making any progress by the USD slow in nature”.
“Monday's steady decline has allowed the daily chikou span to leave what otherwise could have been a period of slower moves as per the congested blocks starting from May 8. Today, the chikou, should the tenkan be cleared, faces no visible support”.
Key Quotes:
“The absence of bids near lows may provide a good argument for bears to make a final push lower and break the familiar 0.9320/30-.94 range”.
“Note that the strong tk/kj cross from last week has failed to provide any momentum to the upside, today losing the daily tenkan, with the kijun at 9310 today, exposed. A break below the latter would probably invalidate the strong cross bullish signal”.
“Regardless of the increased bearish pressures that seems to be building up, a thick bullish daily cloud still suggests that any downside setback will find constant dip buying interest at lower levels, making any progress by the USD slow in nature”.
“Monday's steady decline has allowed the daily chikou span to leave what otherwise could have been a period of slower moves as per the congested blocks starting from May 8. Today, the chikou, should the tenkan be cleared, faces no visible support”.