FXstreet.com (Córdoba) - Dollar failed to break below 0.9200 after testing two times levels below. AUD/USD fell to 0.9183 intra-day low, but it was rejected from there and rose to 0.9250 afterwards. The pair is now rising further approaching to the highs of the session that lies right below 0.9300. Currently trades at 0.9263/60, only 0.04% below today's opening price. It is the first day out of the last seven that the pair does not reach fresh highs for the year.
John Hardy, analyst at Saxo Bank, comments: AUDUSD has largely been a one-way ticket since the beginning of September. We recently highlighted the turning stochastics level suggesting that the pair's rally is moving momentum. The lack of consolidation and abundant signs of speculative fervor suggest that a consolidation, even if not a trend-destroyer, risks being rather volatility and sizeable the longer this kind of action continues. Note that the last few days have seen each successive new high retracing rather deeply the next day, a possible sign of an imminent correction - perhaps to the 0.8900 area if a reasonable correction in equities sets in here.