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21 Feb 2014
Flash: AUD/USD bulls need 0.8990 to hold
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors at FXStreet wrote bullish commentary on AUD/USD ahead of the weeks close so long as 0.8990 can hold.
Key Quotes:
“The bullish reversal on the daily chart, combined with evidence of a range extension after the abrupt rejection off 0.8920/30 lows, communicates risks for the upward trajectory to resume this Friday as long as 0.8990/90 holds”.
“A break below may result in sellers aiming to try lower levels, however, based on the impulsive move-up from Thursday, they should encounter solid buying on dips to regain higher territory, which should result in choppy action”.
“On the other hand, a continuation towards 0.9040 looks more likely given the strong short term momentum, with a break above exposing 0.9070/80”.
Key Quotes:
“The bullish reversal on the daily chart, combined with evidence of a range extension after the abrupt rejection off 0.8920/30 lows, communicates risks for the upward trajectory to resume this Friday as long as 0.8990/90 holds”.
“A break below may result in sellers aiming to try lower levels, however, based on the impulsive move-up from Thursday, they should encounter solid buying on dips to regain higher territory, which should result in choppy action”.
“On the other hand, a continuation towards 0.9040 looks more likely given the strong short term momentum, with a break above exposing 0.9070/80”.