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AUD/USD, selling euphoria takes rate below 0.98

FXstreet.com (Barcelona) - The Australian selling hysteria continues at full steam during the Asia hours. This time offer came out of nowhere pushing the exchange rate from 0.9820 to break new year lows at 0.9780.

The AUD/USD continues to be well capped by a series of supply areas produced in recent sell-offs, the first noted at 0.9875-90 yesterday, while on the downside, 0.9750-10 is the next demand identified.

As noted previously, "bounces should continue to be welcomed by grateful sellers at supply areas. Lack of clear demand south of current prices continues to raise a red flag for counter-trend players."

Earlier on, Eamonn Sheridan from Forexlive heard that "an investment bank had reported its flows last week showing selling of AUD by investment managers was the second-largest on record" he says, adding "makes me think we should now be on the watch out for signs of a bottom in AUD and looking for a more sustained bounce." Until now, no signs of bottoming out though.

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