12 Dec 2014
AUD/USD minor new lows not confirmed – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, anticipates AUD/USD make a recovery attempt as the new marginal lows are unconfirmed.
Key Quotes
“AUD/USD has seen a very marginal new low, but given how oversold the market is, we suspect that we will at least see some consolidation or a corrective rebound. Directly below lies the 200 quarter ma at .8149 and the .8068 2010 low. We have a long term double Fib support at .7950/30. These are 3 major levels of support for the market and we are not surprised to an attempt to recover.”
“Initial resistance is the Imoku 1 resistance at .8378/79 and then downtrend at .8569. Key resistance remains to be seen at the October high at .8911.”
Key Quotes
“AUD/USD has seen a very marginal new low, but given how oversold the market is, we suspect that we will at least see some consolidation or a corrective rebound. Directly below lies the 200 quarter ma at .8149 and the .8068 2010 low. We have a long term double Fib support at .7950/30. These are 3 major levels of support for the market and we are not surprised to an attempt to recover.”
“Initial resistance is the Imoku 1 resistance at .8378/79 and then downtrend at .8569. Key resistance remains to be seen at the October high at .8911.”