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4 Oct 2013
AUD/USD spikes to 0.9424, break of 0.9450 still required
FXstreet.com (Barcelona) - The AUD/USD is off to a great start in the Tokyo session, breaking above 0.9410 resistance to print new session highs at the 0.9422 so far, and just at a stone's throw from weekly top and R1 pivot - london open - at 0.9432.
No catalyst in the horizon
There has been no catalyst reported on the latest spike by the Aussie, which seems to suggest a big order came through on thin market liquidity. As NAB Strategists reported earlier: "AUD order book remains stagnant after benign 24 trading hours, with no weakness of note as specs have vacated the building, so overall AUD book lighter especially with spec interest."
Break of 0.9450 required
A break above 0.9450 is still required to confirm a continued advance, notes Valeria Bednarik, Chief Analyst at FXstreet.com. On the downside, the round number 0.94 - sequence of intraday highs - should provide support short term on dips, with further bids expected at 0.9380, daily pivot from london open and static support too.
No catalyst in the horizon
There has been no catalyst reported on the latest spike by the Aussie, which seems to suggest a big order came through on thin market liquidity. As NAB Strategists reported earlier: "AUD order book remains stagnant after benign 24 trading hours, with no weakness of note as specs have vacated the building, so overall AUD book lighter especially with spec interest."
Break of 0.9450 required
A break above 0.9450 is still required to confirm a continued advance, notes Valeria Bednarik, Chief Analyst at FXstreet.com. On the downside, the round number 0.94 - sequence of intraday highs - should provide support short term on dips, with further bids expected at 0.9380, daily pivot from london open and static support too.