29 Jan 2014
Flash: AUD/USD correcting higher near term - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has not managed to clear the 0.8824 December low and is consolidating.
Key Quotes
“It is starting to correct higher following its recent move to its interim target at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011).
“We are looking for a rally towards the 20 day ma at 0.8867 ahead of further losses. Additional resistance is offered by the 50 day ma, at 0.8964.”
“Together with the resistance line at 0.8945, this should cap the topside to leave the outlook still negative. This is not the end of the down move and we have our next target at 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.
Key Quotes
“It is starting to correct higher following its recent move to its interim target at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011).
“We are looking for a rally towards the 20 day ma at 0.8867 ahead of further losses. Additional resistance is offered by the 50 day ma, at 0.8964.”
“Together with the resistance line at 0.8945, this should cap the topside to leave the outlook still negative. This is not the end of the down move and we have our next target at 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.