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17 Mar 2014
AUD/USD: 0.9020 key as reference of heavy turnover - FXWW
FXStreet (Bali) - AUD/USD has been trading without much clarity ever since regaining 0.89 late January, spending its time up until now compressed in a tiny range of over 1 cent.
According to Sean Lee, Fonder at FXWW: "The price-action over the last few days in AUD/USD has been bullish in my view but I would like to see some technical justification before turning completely bullish. Short-term trend-lines and Fibo retracements will need to be obeyed if the market really is changing its colour."
"Current levels near .9020 is where the really heavy turn-over was earlier in the week and if this level can now provide support, that will become yet another clue", Lee added.
According to Sean Lee, Fonder at FXWW: "The price-action over the last few days in AUD/USD has been bullish in my view but I would like to see some technical justification before turning completely bullish. Short-term trend-lines and Fibo retracements will need to be obeyed if the market really is changing its colour."
"Current levels near .9020 is where the really heavy turn-over was earlier in the week and if this level can now provide support, that will become yet another clue", Lee added.