29 Apr 2014
AUD/USD: Asia likely to ‘buy the dip’ - Arab Bank
FXStreet (Bali) - According to David Scutt, Treasury Dealer at Arab Bank, despite the selling pressure the Aussie is under, Asia traders are likely going to 'buy the dip' today.
Key Quotes
A poor session for the AUDUSD overnight with the pair falling nearly three-quarters of a cent to .9244 before rebounding modestly into the close.
Despite the poor price action in both the currency and commodity markets overnight, as has been the case so often since early February this year, it’s likely that Asia will ‘buy the dip’ over the course of today’s trading session.
Support is located at the overnight low of .9244, .9223 and again at .9206 with resistance layered at .9261, .9270, .9280 and above .9300.
Key Quotes
A poor session for the AUDUSD overnight with the pair falling nearly three-quarters of a cent to .9244 before rebounding modestly into the close.
Despite the poor price action in both the currency and commodity markets overnight, as has been the case so often since early February this year, it’s likely that Asia will ‘buy the dip’ over the course of today’s trading session.
Support is located at the overnight low of .9244, .9223 and again at .9206 with resistance layered at .9261, .9270, .9280 and above .9300.