The Australian Dollar has been one of the most fragile currencies in Sept, which when combined with the resumption of the USD strength, makes for some clearly definable directional move, taking the rate to its lowest levels in years.
Judging by the close on Friday, there is no indication whatsoever that sellers are willing to take profits off the table just yet, while few buyers have the courage to get in the way of the current imbalance in supply dynamics.
The area 7125 and 7150 should present attractive points of engagement for the most aggressive sellers, while the 7170 area is another area of resistance that if re-tested, and assuming the market drivers remain equal, should offer a solid proposition. In between these 2 areas just mentioned, sellers could also find Fridya's POC as a point to anchor their short views against.
Judging by the close on Friday, there is no indication whatsoever that sellers are willing to take profits off the table just yet, while few buyers have the courage to get in the way of the current imbalance in supply dynamics.
The area 7125 and 7150 should present attractive points of engagement for the most aggressive sellers, while the 7170 area is another area of resistance that if re-tested, and assuming the market drivers remain equal, should offer a solid proposition. In between these 2 areas just mentioned, sellers could also find Fridya's POC as a point to anchor their short views against.
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