24 May 2013
Flash: AUD/USD interim bottom - Commerzbank
FXstreet.com (London) - Analyst, Axel Rudolph at Commerzbank said that AUD/USD seems to have hammered out an interim bottom at 0.9593 on Thursday.
He explained that this was right within the 0.9640/0.9580 support area made up of the 2008-2013 uptrend and the 2012 low. He expects to see further strength for at least another day or two and won’t be surprised if the currency pair were to retest the 0.9842 May 21 high. ''The positive divergence seen on the daily RSI reinforces their short-term bullish outlook.'' He said that the 2012 low will act as the break down point to 0.9404/0.9388, the inter-year pivot and our medium term downside target.
He explained that this was right within the 0.9640/0.9580 support area made up of the 2008-2013 uptrend and the 2012 low. He expects to see further strength for at least another day or two and won’t be surprised if the currency pair were to retest the 0.9842 May 21 high. ''The positive divergence seen on the daily RSI reinforces their short-term bullish outlook.'' He said that the 2012 low will act as the break down point to 0.9404/0.9388, the inter-year pivot and our medium term downside target.