10 Oct 2013
Flash: AUD/USD short term uptrend eroded – Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the AUD/USD is starting to stall ahead of its initial resistance at .9510/25.
Key Quotes
“The market has started to erode its short term uptrend and this is likely to trigger a retest of its 38.2% retracement support at .9283.Below .9283, support lies at the .9233 August high and the .9196 55 day ma.”
“Key short term resistance lies at .9510/25, while above .9283 we are unable to rule out scope for recovery. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”
Key Quotes
“The market has started to erode its short term uptrend and this is likely to trigger a retest of its 38.2% retracement support at .9283.Below .9283, support lies at the .9233 August high and the .9196 55 day ma.”
“Key short term resistance lies at .9510/25, while above .9283 we are unable to rule out scope for recovery. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”