28 May 2014
AUD/USD 0.93 handle significant – FXStreet
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors explained in an article titled “AUD/USD - Consolidation inside the cloud”, that the market is presently in a consolidation phase inside the daily cloud.
Key Quotes:
“One that has now extended for 5 days with bulls unable to produce a bounce strong enough to get the price out a danger, although still finding bids ahead of .92+, which sees a channel support trendline off Jan lows still capping the downside”.
“A break below the trendline followed by .92 and the cloud base giving up, that would consequently see bears re-grouping to exercise further price control”.
“Price is trading below the daily kijun and tenkan lines, which suggests price pressures should increase as the lines are approached, today both converging at .93 whole number, hence making this number especially relevant today”.
“Price might still be in a transition in what could turn out to be an N wave upon a breakout of key .92 support. A break above .93 should invalidate the assumption”.
“The chickou span, after clearing the daily tenkan last week, is currently being disallowed further progress by the daily kijun intersection. A break through this line should allow renewed momentum for bears”.
“On the upside, any potential retest of .93 will see the chikou confronted with April 23 price bar”.
Key Quotes:
“One that has now extended for 5 days with bulls unable to produce a bounce strong enough to get the price out a danger, although still finding bids ahead of .92+, which sees a channel support trendline off Jan lows still capping the downside”.
“A break below the trendline followed by .92 and the cloud base giving up, that would consequently see bears re-grouping to exercise further price control”.
“Price is trading below the daily kijun and tenkan lines, which suggests price pressures should increase as the lines are approached, today both converging at .93 whole number, hence making this number especially relevant today”.
“Price might still be in a transition in what could turn out to be an N wave upon a breakout of key .92 support. A break above .93 should invalidate the assumption”.
“The chickou span, after clearing the daily tenkan last week, is currently being disallowed further progress by the daily kijun intersection. A break through this line should allow renewed momentum for bears”.
“On the upside, any potential retest of .93 will see the chikou confronted with April 23 price bar”.