Milan
Long

AUD/USD - Key intraday support at 0.9240/50

FX:AUDUSD   Australian Dollar / U.S. Dollar
176 0 0
Key intraday support in AUD/USD             is located in the 0.9240/50 area with confluences of technical support and solid bids reported in interbank market. Risk appetite has slightly decreased amid renewed tensions in Ukraine, but unless the situation escalates, the Antipodean currencies are likely to remain bid. A break of the aforementioned support area would pave the way for a test of 0.9200/10, which needs to hold in order to maintain short-term bullish momentum. Stop loss orders in large size are located sub-0.92 and would very likely trigger momentum selling. For now, I favor buying a dip towards 0.9210/20 with a stop located at 0.9175, for a move back to 0.93. Aside from the situation in Ukraine, keep an eye on US stock markets and USD/JPY             as well as indicators for overall risk sentiment.
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