8 Aug 2013
Flash: AUD/USD correcting higher - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD remains upside corrective short term and has eroded the 0.9000 July low, making it well placed to challenge the 0.9149 downtrend.
Key Quotes
“Between here and 0.9320 we should see failure and the resumption of the longer term bear trend.”
“Longer term the market has traded below and seen a weekly close below the psychological support at 0.9000.”
“Our downside target remains 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“While capped by key resistance at .9388/.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”
Key Quotes
“Between here and 0.9320 we should see failure and the resumption of the longer term bear trend.”
“Longer term the market has traded below and seen a weekly close below the psychological support at 0.9000.”
“Our downside target remains 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“While capped by key resistance at .9388/.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”