1 Aug 2013
Flash: AUD/USD 0.9000 support eroded - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD´s 0.9000 support has been eroded.
Key Quotes
“AUD/USD has eroded the 0.9000 psychological support, and is under pressure.”
“Our downside target below here is .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“Intraday rallies are expected to remain capped by .9065/.9130. While capped by key resistance at .9388/.9405, a downside bias will persist.”
“These are the 2011 low and highs from 2009 and 2010. The 24th July high at .9318 should also act as strong resistance.Longer term the close below .9147 which has been seen recently is bearish and we consider that the next target of .8550 is engaged.”
Key Quotes
“AUD/USD has eroded the 0.9000 psychological support, and is under pressure.”
“Our downside target below here is .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“Intraday rallies are expected to remain capped by .9065/.9130. While capped by key resistance at .9388/.9405, a downside bias will persist.”
“These are the 2011 low and highs from 2009 and 2010. The 24th July high at .9318 should also act as strong resistance.Longer term the close below .9147 which has been seen recently is bearish and we consider that the next target of .8550 is engaged.”