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20 Jun 2013
AUD/USD snapped back up above 0.93
FXstreet.com (Barcelona) - The AUD/USD is attempting a recovery in the early going of the Asian trade, having now regained the 0.93 handle following new multi-year lows at 0.9261.
HSBC China PMI eyed
The key event during Asia will be the the HSBC version of Chinese manufacturing PMI, which as pointed by FXWW Founder Sean Lee, "should also have an impact on market volatility and the AUD in particular."
AUD/USD oversold near term, value to sell at current levels?
From a technical standpoint, after the massive AUD/USD liquidation, the market may now be poised for a short term counter-trend move, especially after the pair printed its first higher lower along intraday charts before breaking through 0.93. The highest of the session so far can be found at 0.9310, where the 20-ema on the 15m chart crosses.
According to Lee, "The market is already heavily short and I’m expecting much of these losses to be reversed in coming sessions", further noting that "the longer-term charts look oversold to me and once the market realises that there is still no reason to be bullish USD, the AUD/USD should start recovering."
HSBC China PMI eyed
The key event during Asia will be the the HSBC version of Chinese manufacturing PMI, which as pointed by FXWW Founder Sean Lee, "should also have an impact on market volatility and the AUD in particular."
AUD/USD oversold near term, value to sell at current levels?
From a technical standpoint, after the massive AUD/USD liquidation, the market may now be poised for a short term counter-trend move, especially after the pair printed its first higher lower along intraday charts before breaking through 0.93. The highest of the session so far can be found at 0.9310, where the 20-ema on the 15m chart crosses.
According to Lee, "The market is already heavily short and I’m expecting much of these losses to be reversed in coming sessions", further noting that "the longer-term charts look oversold to me and once the market realises that there is still no reason to be bullish USD, the AUD/USD should start recovering."