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Ken Veksler
The Aussie dollar has risen against its US counterpart and sterling this Wednesday, but trader, Ken Veksler isn't convinced we're seeing a recovery.
Squawk / 06 May 2014 at 11:25 GMT
Head of FX Strategy / Saxo Bank
Denmark
AUDUSD breaking through important resistance here above 0.9300, as the USD pummeling has gone broad based. The greenback is weakening across the board today, led by a break higher in EURUSD and especially GBPUSD earlier. AUDUSD has also sprinted through resistance now on the broad USD weakness and after the RBA failed overnight to make much of a fuss over the exchange rate in its statement. This is the most momentum we've seen building in USD crosses in some time - let's see if it is the beginning of a comeback in volatility. For AUDUSD, the next resistance is the high for the cycle around 0.9460, though we've got quite a compelling Elliott Wave setup, which could mean we might see 0.9540 or so if this is the beginning of an eventual, and textbook, fifth wave. Bears need an immediate reversal back below 0.9300 to get any technical traction for the moment.

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