24 Sep 2013
Flash: AUD/USD consolidating at Fibonacci resistance at 0.9510 - Commerzbank
Karen Jones, Head of Technical Analysis at Commerzbank comments that AUD/USD is consolidating its move higher following its recent break of key resistance at 0.9388/0.9404 (2011 low and 2009 high).
Key Quotes
“While it is likely to consolidate here, it needs to hold over the initial Fibonacci support at 0.9375 to remain remain bid.”
“Failure here will imply a loss of momentum and potential for a slide back to the 0.9153 55 day ma. Immediate resistance is the 0.9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”
Key Quotes
“While it is likely to consolidate here, it needs to hold over the initial Fibonacci support at 0.9375 to remain remain bid.”
“Failure here will imply a loss of momentum and potential for a slide back to the 0.9153 55 day ma. Immediate resistance is the 0.9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”