In a recent article (P.Wochner et al., PNAS (2009)) x-ray scattering intensity correlations around a ring, in the speckle diffraction pattern of a colloidal glass, were shown to display a remarkable ~ cos(n $phi$) dependence on the angular coordinate $phi$ around the ring, with integer index n depending on the magnitude of the scattering wavevector. With an analytical derivation that preserves full generality in the Fraunhofer diffraction limit, we clarify the relationship of this result to previous x-ray studies of bond-orientation order, and provide a sound basis to the statement that the angular intensity correlations deliver information on local bond arrangements in a disordered (or partially ordered) system. We present a detailed analysis of the angular cross-correlation function and show its applicability for studies of wide range of structural properties of disordered systems, from local structure to spatial correlations between distant structural elements.