25 Sep 2013
AUD/USD heavy buying 0.9365/70 keeps neutral profile
FXstreet.com (Barcelona) - AUD/USD traded heavy during Tuesday, with traders in the London session taking the exchange rate to next target at 0.9365/70 before strong buying interest resurfaced in early US hours.
Buyers to keep challenging seller's impetus
According to Sean Lee, Founder at FXWW: "AUD/USD techs show decent support at Monday's low and previous pivot level at .9350. Even if we do get below there, we are likely to find more support near previous highs around .9325. If it does fall, its likely to be slow."
AUD/USD still enjoys pro-bullish elements, not enough
Lee's thoughts on the relatively slow down bias expected, if coming at all, seems to be in line with JPMorgan's latest view on the Aussie, arguing that, while their profile is for the AUD to gently depreciate, they acknowledges "there are factors working to temper the speed of the decline" Strategists at the Bank said.
From JPM: "Better Chinese data, re-pricing of domestic policy expectations and a dovish surprise from the FOMC have seen a decent rally in the AUD/USD. While these factors may provide some support to the AUD in the near term, we do not expect these factors to be sustained over the forecast horizon, given we forecast further RBA easing and slower Chinese growth."
Buyers to keep challenging seller's impetus
According to Sean Lee, Founder at FXWW: "AUD/USD techs show decent support at Monday's low and previous pivot level at .9350. Even if we do get below there, we are likely to find more support near previous highs around .9325. If it does fall, its likely to be slow."
AUD/USD still enjoys pro-bullish elements, not enough
Lee's thoughts on the relatively slow down bias expected, if coming at all, seems to be in line with JPMorgan's latest view on the Aussie, arguing that, while their profile is for the AUD to gently depreciate, they acknowledges "there are factors working to temper the speed of the decline" Strategists at the Bank said.
From JPM: "Better Chinese data, re-pricing of domestic policy expectations and a dovish surprise from the FOMC have seen a decent rally in the AUD/USD. While these factors may provide some support to the AUD in the near term, we do not expect these factors to be sustained over the forecast horizon, given we forecast further RBA easing and slower Chinese growth."