21 Aug 2013
Flash: AUD/USD slips back towards the mid-July low at 0.8999 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Currency Strategy at Commerzbank notes that AUD/USD’s rejection by the 55 day moving average at 0.9209 is taking the currency pair back to the mid-July low at 0.8999 and to the breached downtrend channel line at 0.8980 which may offer short term support.
Key Quotes
“Longer term we will remain negative while below key resistance at 0.9388/0.9404 (2011 low and 2009 high) with our downside target being seen at .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 resistance at 0.9232/0.9319 (July and current August high), our downside bias will remain in place.”
Key Quotes
“Longer term we will remain negative while below key resistance at 0.9388/0.9404 (2011 low and 2009 high) with our downside target being seen at .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 resistance at 0.9232/0.9319 (July and current August high), our downside bias will remain in place.”