5 Sep 2013
Flash: AUD/USD has eroded the 55 day ma for the first time since May-Commerzbank
FXstreet.com (Athens)-Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD continues to rally very near term and has eroded the 55 day ma for the first time since May.
Key Quotes:
“The near term risk has increased for further gains to the 0.9233/58 mid August high and the23.6% retracement. Key resistance remains at 0.9388/0.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.”
“Intraday dips will find initial support at .9075/70 but near term upside pressure is maintained above 0.9000, this guards the .8848 recent low. We remain bearish longer term and longer term targets remain 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
Key Quotes:
“The near term risk has increased for further gains to the 0.9233/58 mid August high and the23.6% retracement. Key resistance remains at 0.9388/0.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.”
“Intraday dips will find initial support at .9075/70 but near term upside pressure is maintained above 0.9000, this guards the .8848 recent low. We remain bearish longer term and longer term targets remain 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”