20 Nov 2013
Flash: AUD/USD rejected by the 55 day ma at 0.9427 - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD has been rejected by the 55D MA at 0.9427 which also capped it on Monday.
Key Quotes
“Should the 0.9450 level be bettered, the 0.9511/24 resistance area will be in sight (38.2% Fibonacci retracement and September peak), though.”
“Note thta we are unable to rule out the October-to November decline as being nothing more than an Elliot wave a-b-c correction but this is a less favoured scenario.”
“Only a move below 0.9273 would target the 61.8% Fib retracement of the move up from August at 0.9196 and then 0.9034, the 78.6% Fib retracement of the same move.”
Key Quotes
“Should the 0.9450 level be bettered, the 0.9511/24 resistance area will be in sight (38.2% Fibonacci retracement and September peak), though.”
“Note thta we are unable to rule out the October-to November decline as being nothing more than an Elliot wave a-b-c correction but this is a less favoured scenario.”
“Only a move below 0.9273 would target the 61.8% Fib retracement of the move up from August at 0.9196 and then 0.9034, the 78.6% Fib retracement of the same move.”