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12 Feb 2014
Flash: is AUD a buy on dips?
FXStreet (Guatemala) - Ivan Delgado, the Head of Asian Editors for FXStreet examined the price action around the AUD/USD that might be forming a bottom and creating an opportunity to buy on dips.
Key Quotes:
“On any well established downtrend, the first evidence to watch to sustain the thesis of structural change is the breakout of previous significant swing highs”.
“In the case of the AUD/USD daily analysis, the price is facing such challenge today, with clearance off 0.9050/80 now key to target higher levels (0.9150 and above)”.
“The vigorous rise by the Aussie + close at highs on Tuesday, bodes well for the interest of buyers, as it communicates there is strong conviction behind the counter-trend rally”.
“Ichimoku readings on lower timeframes (H1 + H4) are supporting the notion of a market that has turned into 'buying dips' mentality short term”.
Key Quotes:
“On any well established downtrend, the first evidence to watch to sustain the thesis of structural change is the breakout of previous significant swing highs”.
“In the case of the AUD/USD daily analysis, the price is facing such challenge today, with clearance off 0.9050/80 now key to target higher levels (0.9150 and above)”.
“The vigorous rise by the Aussie + close at highs on Tuesday, bodes well for the interest of buyers, as it communicates there is strong conviction behind the counter-trend rally”.
“Ichimoku readings on lower timeframes (H1 + H4) are supporting the notion of a market that has turned into 'buying dips' mentality short term”.