5 Nov 2013
Flash: AUD/USD struggling to overcome 0.9525 - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank says that AUD/USD has failed to clear the .9525 September high and attention has reverted to .9410, the 38.2% retracement.
Key Quotes
“Directly below the market support is reinforced by the.9350 55 day ma. The Elliott wave count is also indicating that the .9422 low may be the end of the correction lower, but we do have conflicting signals so have taken the precaution of exiting shorts.”
“Intraday rallies are expected to struggle at .9525 and should ideally be contained by .9625. While capped here we remain unable to rule out further weakness.”
“Above here will allow for another challenge of the 200 day ma at .9705. Below .9350 will target the .9283 end of September low.”
Key Quotes
“Directly below the market support is reinforced by the.9350 55 day ma. The Elliott wave count is also indicating that the .9422 low may be the end of the correction lower, but we do have conflicting signals so have taken the precaution of exiting shorts.”
“Intraday rallies are expected to struggle at .9525 and should ideally be contained by .9625. While capped here we remain unable to rule out further weakness.”
“Above here will allow for another challenge of the 200 day ma at .9705. Below .9350 will target the .9283 end of September low.”