7 Apr 2014
AUD/USD still indicated to fail circa 0.9300 - Commerzbank§
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that for AUD/USD she noted on Friday that it was possible that this was nothing more than an ‘a-b-c’ correction and it rallied on Friday.
Key Quotes
“So the market starts this week well placed to tackle the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9328 and the top of the channel at 0.9381. Support is found at last weeks low at 0.9207 and at 0.9141, the 200 day ma.”
“Intraday charts are still saying that the rally will terminate circa 0.9300. Currently there remains scope to 0.9388, 0.9448, the November high and the 2011 low.”
Key Quotes
“So the market starts this week well placed to tackle the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9328 and the top of the channel at 0.9381. Support is found at last weeks low at 0.9207 and at 0.9141, the 200 day ma.”
“Intraday charts are still saying that the rally will terminate circa 0.9300. Currently there remains scope to 0.9388, 0.9448, the November high and the 2011 low.”