2 Dec 2013
Flash: AUD/USD looking for a retest of Fibo support at 0.9043 - Commerzbank
FXstreet.com (Edinburgh) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD sold off all last week, grinding to a halt ahead of its initial downside target of 0.9043, the 78.6% Fibonacci retracement of the move up from August.
Key Quotes
“We would allow for a small rebound from here –but this should remain tepid and we are not expecting to see reversal.”
“This is the last defence for the 0.8848 August low and 0.8745, the base of a 2 year down channel.
“The .9043 level is expected to act as the next trigger on the downside. Intraday rallies should still remain capped by 0.9165.”
Key Quotes
“We would allow for a small rebound from here –but this should remain tepid and we are not expecting to see reversal.”
“This is the last defence for the 0.8848 August low and 0.8745, the base of a 2 year down channel.
“The .9043 level is expected to act as the next trigger on the downside. Intraday rallies should still remain capped by 0.9165.”