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23 May 2014
AUD/USD testing descending trendline after vigorous bounce
FXStreet (Bali) - AUD/USD has been bought up quite aggressively off 0.9216 lows with some high volume seen.
The intraday recovery has taken the pair all the way up to 0.9241, where a descending trendline derived off May 19 swing high is now capping the progress. Note, on the downside, today's slide was also contained by dynamic support channel coming off Jan lows.
As Peter Fell, Editor at FXBeat, notes: "Traders have cited buying from 9225 area to 9242 from a number of directions, it seems to be profit-taking in the main, ahead of the long weekend in London and New York. The demand from 9215 to 9200 seems to be rock solid, Asia had one try lower, failed at 9216 and now seen squaring up."
Sean Lee, Founder at FXWW, also shared his take on the latest AUD move, saying "it smells strongly of pre-weekend squaring activities."
The intraday recovery has taken the pair all the way up to 0.9241, where a descending trendline derived off May 19 swing high is now capping the progress. Note, on the downside, today's slide was also contained by dynamic support channel coming off Jan lows.
As Peter Fell, Editor at FXBeat, notes: "Traders have cited buying from 9225 area to 9242 from a number of directions, it seems to be profit-taking in the main, ahead of the long weekend in London and New York. The demand from 9215 to 9200 seems to be rock solid, Asia had one try lower, failed at 9216 and now seen squaring up."
Sean Lee, Founder at FXWW, also shared his take on the latest AUD move, saying "it smells strongly of pre-weekend squaring activities."