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21 Apr 2015
AUD/USD bulls looking to buy dips at 0.7675/65
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7705 with high of 0.7755 and a low of 0.7681.
AUD/USD has dropped back half a cent after meeting supply on the bull rally from down in the 0.7680's. The Aussie is under pressure as the market settles in for the idea of a rate cut next month while Stevens continues to jawbone and the greenback starts to make its come back after a number of down days.
Technically, the Aussie is through initial support of 0.7710 in this break lower, but a sustained break below the handle will be required to stave off the less committed bulls towards 0.7680 where dips may otherwise be collected up between 0.7675/65 as suggested by chief analyst at Commerzbank, Karen Jones.
"We note that the intraday Elliott wave counts are more positive and provided dips are contained today by 0.7675/65, we would allow for further upside probes for this week."
AUD/USD has dropped back half a cent after meeting supply on the bull rally from down in the 0.7680's. The Aussie is under pressure as the market settles in for the idea of a rate cut next month while Stevens continues to jawbone and the greenback starts to make its come back after a number of down days.
Technically, the Aussie is through initial support of 0.7710 in this break lower, but a sustained break below the handle will be required to stave off the less committed bulls towards 0.7680 where dips may otherwise be collected up between 0.7675/65 as suggested by chief analyst at Commerzbank, Karen Jones.
"We note that the intraday Elliott wave counts are more positive and provided dips are contained today by 0.7675/65, we would allow for further upside probes for this week."