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23 Apr 2014
AUD/USD a falling knife, breaks 0.93
FXStreet (Bali) - AUD/USD is breaking through 0.93 following a mild initial bounce off the round number in response to disappointing Aus CPI/HSBC China.
The break below 0.93 is a major technical breakout, as it represents a penetration through an area that had acted as triple top earlier this month, with sellers now targeting the support area of 0.9250.
The lack of any bounce suggests that sentiment is likely to remain bearish for the rest of the week, with more than tentative signs by now that big players are starting to show interest on stay short the AUD, judging by recent price action.
The break below 0.93 is a major technical breakout, as it represents a penetration through an area that had acted as triple top earlier this month, with sellers now targeting the support area of 0.9250.
The lack of any bounce suggests that sentiment is likely to remain bearish for the rest of the week, with more than tentative signs by now that big players are starting to show interest on stay short the AUD, judging by recent price action.