9 Dec 2013
AUD/USD, buying dips starting to look attractive
FXstreet.com (Bali) - AUD/USD is starting to show some tentative technical evidence that a more meaningful correction may develop, yet varies layers of heavy offers will certainly pose a tough challenge.
Technically speaking, in view of Jim Langlands, Founder at FXCharts: "I suspect that we have now put in a near term base and if we can take out nearby resistance at 0.9125, then the Aud could accelerate towards the first Fibo resistance at 0.9167 (23.6% of 0.9575/0.8988) which conveniently is where it topped out last week."
Langlands, however, admits that immediate recoveries are still not that clear, and "we could remain for a while in a range below 0.9165, although the dailies are giving the first hint at having turned a bit higher and thus early in the week at least, I would prefer to trade the Aud from the long side and would be looking for dips to buy it."
Technically speaking, in view of Jim Langlands, Founder at FXCharts: "I suspect that we have now put in a near term base and if we can take out nearby resistance at 0.9125, then the Aud could accelerate towards the first Fibo resistance at 0.9167 (23.6% of 0.9575/0.8988) which conveniently is where it topped out last week."
Langlands, however, admits that immediate recoveries are still not that clear, and "we could remain for a while in a range below 0.9165, although the dailies are giving the first hint at having turned a bit higher and thus early in the week at least, I would prefer to trade the Aud from the long side and would be looking for dips to buy it."