11 Dec 2013
AUD/USD to rebound on elliot wave count?
FXstreet.com (Barcelona) - FXstreet.com (London) - AUD/USD is finding support along a sluggish session and the aftermath of last week’s terrain.
Although there were some disappointments for the dollar bulls last week, the pair is running into heavy convincing resistance. Meanwhile, Westpac Consumer Confidence for December disappointed at -4.8% vs 19.% previous. Strategists at Commerzbank noted the key resistance line at 0.9232”. They also explained that the Elliot wave count is suggesting there is scope for a rebound to 0.9200, 0.9265. “Provided that the topside is capped by the 0.9232 resistance line and 0.9265 we will maintain a negative bias. We target the 0.8848 August low and 0.8745, the base of a 2 year down channel”.
AUD/USD Levels
The 20 DMA is 0.9200, 0.9381, 0.9576. RSI (14) reads 69.80. Supports are ascending from 0.8989, 0.9021, 0.9059, 0.9070 and 0.9104. Spot is 0.9150, 0.9169, 0.9204 and 0.9260.
Although there were some disappointments for the dollar bulls last week, the pair is running into heavy convincing resistance. Meanwhile, Westpac Consumer Confidence for December disappointed at -4.8% vs 19.% previous. Strategists at Commerzbank noted the key resistance line at 0.9232”. They also explained that the Elliot wave count is suggesting there is scope for a rebound to 0.9200, 0.9265. “Provided that the topside is capped by the 0.9232 resistance line and 0.9265 we will maintain a negative bias. We target the 0.8848 August low and 0.8745, the base of a 2 year down channel”.
AUD/USD Levels
The 20 DMA is 0.9200, 0.9381, 0.9576. RSI (14) reads 69.80. Supports are ascending from 0.8989, 0.9021, 0.9059, 0.9070 and 0.9104. Spot is 0.9150, 0.9169, 0.9204 and 0.9260.