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11 Aug 2014
AUD/USD heading towards 0.92 range support - 2ndSkies
FXStreet (Bali) - AUD/USD's large range continues in play, with price action now suggesting that the market may be heading towards range support at 0.92, notes Chris Capre, Founder at 2ndSkies Forex.
Key Quotes
"Since April this year, the Aussie has been largely contained within a +230 pip range between 9200 and 9435. The pair attempted to head north outside of the range, but had three false break setups, all leading to lower prices."
"You'll notice the general tendency after the false breaks is not consolidation, but of strong selling, further cementing the 2-way market, but also the presence of sellers willing to cap the upside."
"For now, the pair seems like it wants to head for the 9200 key range support before buyers step in, and sellers cover their shorts. Bulls can look to play the range buying at the support, while sellers will want a daily close below this, or a weak rally to the top of the range before selling again."
Key Quotes
"Since April this year, the Aussie has been largely contained within a +230 pip range between 9200 and 9435. The pair attempted to head north outside of the range, but had three false break setups, all leading to lower prices."
"You'll notice the general tendency after the false breaks is not consolidation, but of strong selling, further cementing the 2-way market, but also the presence of sellers willing to cap the upside."
"For now, the pair seems like it wants to head for the 9200 key range support before buyers step in, and sellers cover their shorts. Bulls can look to play the range buying at the support, while sellers will want a daily close below this, or a weak rally to the top of the range before selling again."