##{"id":62091,"date":"2013-07-02T12:05:38","date_gmt":"2013-07-02T02:05:38","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/07\/02\/treasure-chest-short-squeeze-potential-for-aussie\/"},"modified":"2013-07-02T12:05:38","modified_gmt":"2013-07-02T02:05:38","slug":"treasure-chest-short-squeeze-potential-for-aussie","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/07\/02\/treasure-chest-short-squeeze-potential-for-aussie\/","title":{"rendered":"Treasure Chest: Short Squeeze Potential For Aussie"},"content":{"rendered":"

\n\tBy Greg Peel<\/p>\n

\n\tThe Aussie dollar peaked at US$1.0624 in September last year and was last above 10500 in April. On Friday night the currency hit a low at US$0.9116 before rebounding to back over 9200 last night. The correction represents some 12%.<\/p>\n

\n\tANZ<\/span> Bank analysts suggested yesterday a bounce above the 9215-25 range would be enough to turn the current trend (trading over 9230 at time of writing) while a close above 9300 is needed to trigger an anticipated period of corrective rebounds. ANZ<\/span> believes that after such a substantial slide, rebounds are likely to be contained. the analysts' initial target is the 9430-60 range and thereafter potentially 9670-75.
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\n\tThe risk\/reward balance has swung towards a short squeeze, ANZ<\/span> suggests. Divergence appears acute on the charts but rebounds have remained contained to date. The analysts suggest the likely outcome is a series of rebounds rather than one single squeeze but they emphasise<\/span> such rebounds would remain corrective only. Short positions can be re-established on the move up, ideally in the 9650-75 range.<\/p>\n

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\n\tANZ<\/span> believes it is difficult to assume anything other than a long term top is now in place. The sharpness and extent of the sell-off to a long term retracement<\/span> level of 9140-50 does, nevertheless, open the currency up for a sharp squeeze, the analysts suggest. However the slide over the past 13 weeks has been impulsive and rebounds should thus be seen as selling opportunities.
\n\t <\/p>\n

\n\tTechnical limitations<\/strong><\/p>\n

\n\tIf you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we apologise<\/span><\/span>, but technical limitations are to blame.<\/em><\/strong><\/p>\n

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