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28 Feb 2014
AUD/USD: Sharp reversal after 0.8975+ stop loss hunt
FXStreet (Bali) - AUD/USD has reversed its daily gains falling from a high of 0.8988 down towards 0.8945, new session low.
USD/CNH short squeeze exacerbates pain
The early rise in the Australian Dollar was mainly driven by stop loss hunting above the 0.8075 to take out stop loss orders from sellers post the downbeat capex data in Australia yesterday. Once the board was cleaned up, sellers stepped in again to knock the price sharply down.
AUD/USD focus turns lower
The strong squeeze of shorts in USD/CNH has intensified losses in the AUD/USD, as talk continues over China widening the USD/CNY bank. The focus for the AUD/USD turns towards the 0.8937/34 support now.
USD/CNH short squeeze exacerbates pain
The early rise in the Australian Dollar was mainly driven by stop loss hunting above the 0.8075 to take out stop loss orders from sellers post the downbeat capex data in Australia yesterday. Once the board was cleaned up, sellers stepped in again to knock the price sharply down.
AUD/USD focus turns lower
The strong squeeze of shorts in USD/CNH has intensified losses in the AUD/USD, as talk continues over China widening the USD/CNY bank. The focus for the AUD/USD turns towards the 0.8937/34 support now.