FXstreet.com (San Francisco) - AUD/USD extended another leg lower Tuesday, falling to a 2-month low of 1.0215 and stalling at a 38.2% Fibonacci support level at 1.0220 and, in the opinion of Sean Lee, founder of FXWW, “now is not the time to be getting overly bearish.”
Mr. Lee notes: “Interbank reports show very solid buying interest near 1.0200 and if this holds and forms a double bottom, then we will see a sharp short-covering rally,” comments. “The big players are universally bearish it would seem and will probably look to add to existing shorts on breaks and/or rallies.”
Mr. Lee notes: “Interbank reports show very solid buying interest near 1.0200 and if this holds and forms a double bottom, then we will see a sharp short-covering rally,” comments. “The big players are universally bearish it would seem and will probably look to add to existing shorts on breaks and/or rallies.”
