20 Aug 2013
Flash: AUD/USD the 55 day moving average at 0.9218 provokes failure - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes on Monday AUD/USD reached but was rejected by the 55 day moving average at 0.9218.
Key Quotes
“Between it and the 0.9319 July high we thus saw failure and the resumption of the longer term bearish trend as expected.”
“Once last week’s low at 0.9058 has been slipped through, a tumble back towards the 0.9038/0.8999 support zone (early and mid-July lows) should be seen.”
“Longer term we remain negative and our downside target is 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.”
“Medium term while capped by key resistance at .9388/.9404 (2011 low and 2009 high), our downside bias will remain in place.”
Key Quotes
“Between it and the 0.9319 July high we thus saw failure and the resumption of the longer term bearish trend as expected.”
“Once last week’s low at 0.9058 has been slipped through, a tumble back towards the 0.9038/0.8999 support zone (early and mid-July lows) should be seen.”
“Longer term we remain negative and our downside target is 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.”
“Medium term while capped by key resistance at .9388/.9404 (2011 low and 2009 high), our downside bias will remain in place.”