Back
20 Feb 2014
Flash: AUD/USD has failed at 0.9079/86 resistance and is back under pressure - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has reacted lower from 0.9079/86, the January high and 38.2% retracement of the move down from the end of October.
Key Quotes
“We note the TD perfected set up on the daily chart and look for losses initially to market will ease lower towards 0.8921/01 (the 55 and 20 day ma).”
“Intraday rallies will find initial resistance at 0.8980 ahead of 0.9086, which is now expected to cap/ Above 0.9086 would introduce scope to the 200 day ma at .9211, but this is less favoured.”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8683/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We note the TD perfected set up on the daily chart and look for losses initially to market will ease lower towards 0.8921/01 (the 55 and 20 day ma).”
“Intraday rallies will find initial resistance at 0.8980 ahead of 0.9086, which is now expected to cap/ Above 0.9086 would introduce scope to the 200 day ma at .9211, but this is less favoured.”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8683/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”