9 Oct 2013
Flash: AUD/USD bids above .9398 trades in a short-term uptrend - Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank says that AUD/USD saw a decent bounce higher yesterday and is poised to encounter its initial target at .9510/25.
Key Quotes
“The market is immediately bid above the .9398 short term uptrend. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”
“The intraday charts are giving conflicting signals but are suggesting a move to approx .9600 be allowed for. Failure at the .9398 uptrend will trigger a retest of its 38.2% retracement support at .9283. Below .9283, support lies at the .9233 August high.”
“Failure at .9233 implies a loss of momentum and potential for a slide back to the .9189 55 day ma and potentially back to sub .9000.”
Key Quotes
“The market is immediately bid above the .9398 short term uptrend. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”
“The intraday charts are giving conflicting signals but are suggesting a move to approx .9600 be allowed for. Failure at the .9398 uptrend will trigger a retest of its 38.2% retracement support at .9283. Below .9283, support lies at the .9233 August high.”
“Failure at .9233 implies a loss of momentum and potential for a slide back to the .9189 55 day ma and potentially back to sub .9000.”