10 Dec 2013
AUD/USD Elliot wave suggests even higher
FXstreet.com (London) - AUD/USD has drifted from 0.9080 supporting level and breached the 0.9100 level but is meeting supply here with a high at 0.9117.
Strategists at Commerzbank noted that the AUD/USD last week saw a divergence of the daily RSI and in Friday charted a key day reversal. “Both factors imply a reluctance to sustain a break below psychological support at 0.9000 at this juncture. The Elliot wave count is suggesting there is scope for a rebound to 0.9126, 0.9205”.
AUD/USD Levels
The 20 DMA is 0.9213, the 50 DMA is 0.9386 and the 200 DMA is 0.9581. RSI (14) reads 60.27. Supports are ascending from 0.9021, 0.9042 and 0.9059. Spot is 0.9096 while resistances are 0.9105, 0.9147, 0.9169, 0.9204 and 0.9260.
Strategists at Commerzbank noted that the AUD/USD last week saw a divergence of the daily RSI and in Friday charted a key day reversal. “Both factors imply a reluctance to sustain a break below psychological support at 0.9000 at this juncture. The Elliot wave count is suggesting there is scope for a rebound to 0.9126, 0.9205”.
AUD/USD Levels
The 20 DMA is 0.9213, the 50 DMA is 0.9386 and the 200 DMA is 0.9581. RSI (14) reads 60.27. Supports are ascending from 0.9021, 0.9042 and 0.9059. Spot is 0.9096 while resistances are 0.9105, 0.9147, 0.9169, 0.9204 and 0.9260.