7 May 2014
AUD: Dip buying quite telling
FXStreet (Bali) - The Aussie reaction across the board, presently at $0.9350, and being immediately bought up in the shallow dip seen following the miss in Aus retail sales and China HSBC services PMI, is quite telling about the current bullish sentiment on the currency.
If the market was interested to sell the currency from recent highs, the downbeat prints would have been an excuse to do so, instead, grateful buyers were waiting to buy the dip on the initial pullbac.
This should be an unambiguously strong sign of renewed buying interest on the AUD, especially after the upside resolution breaking above its downward channel resistance yesterday May 6 through 0.9280-0.93.
If the market was interested to sell the currency from recent highs, the downbeat prints would have been an excuse to do so, instead, grateful buyers were waiting to buy the dip on the initial pullbac.
This should be an unambiguously strong sign of renewed buying interest on the AUD, especially after the upside resolution breaking above its downward channel resistance yesterday May 6 through 0.9280-0.93.