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17 Sep 2013
Flash: AUD/USD key resistance at 0.9388/0.9404 holding - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD strength continues to be viewed as corrective only and we look for the market to fail at key resistance, which remains at 0.9388/0.9404 (2011 low and 2009 high).
Key Quotes
“We have minor support at 0.9225 and below here should trigger a slide to the 55 day ma at 0.9123.
A slide below 0.9110/23 (55 day ma) should be enough to alleviate upside pressure and cast attention back to the 0.8848 recent low.”
“We remain bearish longer term and longer term targets remain to be seen at 0.8550, the 50% retracement of the move up from 2008.”
“Our longer term downside target measured from the top is 0.7700. Above 0.9410/31 there is a risk of a move to the 0.9510 38.2% retracement prior to failure (we view current move as a potential a-b-c correction.”
Key Quotes
“We have minor support at 0.9225 and below here should trigger a slide to the 55 day ma at 0.9123.
A slide below 0.9110/23 (55 day ma) should be enough to alleviate upside pressure and cast attention back to the 0.8848 recent low.”
“We remain bearish longer term and longer term targets remain to be seen at 0.8550, the 50% retracement of the move up from 2008.”
“Our longer term downside target measured from the top is 0.7700. Above 0.9410/31 there is a risk of a move to the 0.9510 38.2% retracement prior to failure (we view current move as a potential a-b-c correction.”