4 Dec 2013
AUD/USD breaks into new trend lows, sovereign bids sub 0.9050?
FXstreet.com (Bali) - AUD/USD is capitulating off almost 1 full cent from 0.9135/40 session highs only to penetrate into new trend lows at 0.9045 following the breakout of 0.9055/60 on poor a Australian Q3 GDP.
Technically, the breakout of 0.9060 broadens the scope for further declines ahead, potentially targeting the big round number 0.90 ahead of 0.8970 (Aug 21 close). On the upside, recoveries should see committed sellers starting at 0.9060/65 up to 0.9090/0.91 (intraday levels).
According to Sean Lee, Founder at FXWW: "Bank in HK refers to 'good name' buying AUD/USD near .9050 (usually means Sovereign player)."
Technically, the breakout of 0.9060 broadens the scope for further declines ahead, potentially targeting the big round number 0.90 ahead of 0.8970 (Aug 21 close). On the upside, recoveries should see committed sellers starting at 0.9060/65 up to 0.9090/0.91 (intraday levels).
According to Sean Lee, Founder at FXWW: "Bank in HK refers to 'good name' buying AUD/USD near .9050 (usually means Sovereign player)."