26 Jul 2013
Flash: AUD en route to 2010 low - Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said AUD/USD recovered very well following its outside day to the downside on Wednesday.
Key Quotes:
"There is no escaping the fact that the market could well be base building near term – however while capped by key
resistance at 0.9388/0.9405 a downside bias will persist:.
"These are the 2011 low and highs from 2009 and 2010. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000".
"Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of 0.8550 is engaged".
"Shorter term (1-3 weeks): Sell off has breached the 0.9404/0.9388 support and targets the 0.8550 zone".
"Medium term (1-3 months): Targets 0.8550 en route to 0.8068, the 2010 low".
Key Quotes:
"There is no escaping the fact that the market could well be base building near term – however while capped by key
resistance at 0.9388/0.9405 a downside bias will persist:.
"These are the 2011 low and highs from 2009 and 2010. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000".
"Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of 0.8550 is engaged".
"Shorter term (1-3 weeks): Sell off has breached the 0.9404/0.9388 support and targets the 0.8550 zone".
"Medium term (1-3 months): Targets 0.8550 en route to 0.8068, the 2010 low".