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28 Jan 2014
AUD/USD aiming to bring down wall of offers at 0.8750/60
FXstreet.com (Bali) - AUD/USD has been correcting higher off multi-year lows sub 0.87 to currently stabilize around 0.8740.
AUD/USD move corrective, downtrend in place
There were several topside failures at 0.8750/60, with the upside trajectory away from a new trend low of 0.8661 appearing to be corrective in nature, notes Peter Fell, Analyst at FXBeat.
"Move off 8660 looks corrective and as Australia returns from the long weekend, order-boards are being updated with a sell bias. Sell orders clustered 8775/85, more between 8800/10, corporate demand seen between 8700/10. Technical resistance is seen at 8774, 50% fibo on the 8888/8660 fall, 8801 is 61.8% fibo on the same move", Peter said.
There will be interest to trade the AUD/USD on the NAB business confidence and conditions, due at 00:30 GMT.
AUD/USD move corrective, downtrend in place
There were several topside failures at 0.8750/60, with the upside trajectory away from a new trend low of 0.8661 appearing to be corrective in nature, notes Peter Fell, Analyst at FXBeat.
"Move off 8660 looks corrective and as Australia returns from the long weekend, order-boards are being updated with a sell bias. Sell orders clustered 8775/85, more between 8800/10, corporate demand seen between 8700/10. Technical resistance is seen at 8774, 50% fibo on the 8888/8660 fall, 8801 is 61.8% fibo on the same move", Peter said.
There will be interest to trade the AUD/USD on the NAB business confidence and conditions, due at 00:30 GMT.