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9 Oct 2013
AUD/USD abruptly repelled off 0.9450, Yellen news fading...
FXstreet.com (Barcelona) - AUD/USD has given up the upside after some brief Yellen-driven gains, which failed to be sustained above 0.9450 resistance, more in response to fake Yellen news than selling interest alone.
At FXWW chat-room, one HF sales desk was quoted saying: 'Once summers was out of the picture for fed, the usd had a decent selloff - which pretty much was market repricing for yellen' - their explanation for the lack of response to the yellen news."
From a technical perspective, according to Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart, price keeps holding above a bullish 20 SMA, although indicators approach their midlines, presenting some short term divergences still to be confirmed." With the US fiscal fiasco still unresolved, price remains too choppy to make much predictions short-term, however, key near-term level to keep an eye on remain 0.9450 on the upside, with 0.94/9410 on the downside.
At FXWW chat-room, one HF sales desk was quoted saying: 'Once summers was out of the picture for fed, the usd had a decent selloff - which pretty much was market repricing for yellen' - their explanation for the lack of response to the yellen news."
From a technical perspective, according to Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart, price keeps holding above a bullish 20 SMA, although indicators approach their midlines, presenting some short term divergences still to be confirmed." With the US fiscal fiasco still unresolved, price remains too choppy to make much predictions short-term, however, key near-term level to keep an eye on remain 0.9450 on the upside, with 0.94/9410 on the downside.