3 Aug 2015
AUD/USD: heavy below downtrend at 0.7463 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that AUD/USD continues to hold over the 0.7250 recent low and the recent low has been accompanied with a divergence of the daily RSI.
Key Quotes:
"The market is attempting to recover from the base of the 2 year channel at 0.7188 and major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144. We look for these to hold the downside on the initial test and provoke some profit taking."
Rallies will find initial resistance at 0.7463/73, the 23.6% retracement short term resistance line to remain directly offered."
Key Quotes:
"The market is attempting to recover from the base of the 2 year channel at 0.7188 and major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144. We look for these to hold the downside on the initial test and provoke some profit taking."
Rallies will find initial resistance at 0.7463/73, the 23.6% retracement short term resistance line to remain directly offered."