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12 Feb 2013
Forex: AUD/USD, support at 1.0250 well protected
The AUD/USD continues to show heavy price action, having recently printed a marginal new trend low just below 1.0250, reinforcing the idea that sellers remain committed to drag the spot rate lower.
From a lower timeframe perspective, it is interesting to see how there has been two shy attempts to penetrate the 1.0250, in both cases greeted with strongly rejections, the first impulsive bounce reaching 1.0266, while the subsequent fall to new lows at 1.0247 producing yet another rebound - this time more corrective in nature - to new session highs at 1.0272.
The double rejection suggests there are still some deep-pocket participants protecting the 1.0245/50 area, which aligns with a sequence of lows from early April 2012. As Sean Lee, founder at FXWW, notes: "Even if the first one gets breached during Asian trade, there is another barrier and asset manager bids near 1.0200, so the grind lower is likely to be slow."
From a lower timeframe perspective, it is interesting to see how there has been two shy attempts to penetrate the 1.0250, in both cases greeted with strongly rejections, the first impulsive bounce reaching 1.0266, while the subsequent fall to new lows at 1.0247 producing yet another rebound - this time more corrective in nature - to new session highs at 1.0272.
The double rejection suggests there are still some deep-pocket participants protecting the 1.0245/50 area, which aligns with a sequence of lows from early April 2012. As Sean Lee, founder at FXWW, notes: "Even if the first one gets breached during Asian trade, there is another barrier and asset manager bids near 1.0200, so the grind lower is likely to be slow."