10 Feb 2014
Flash: AUD/USD upside correction gains traction - Commerzbank
Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD finished the week still looking upside corrective.
Key Quotes
“The recent rebound off the 0.8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction and there is scope to 0.9079/86, the January high.”
“Dips should find initial support circa 0.8910/0.8870 ahead of 0.8825 (December low). This guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“The recent rebound off the 0.8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction and there is scope to 0.9079/86, the January high.”
“Dips should find initial support circa 0.8910/0.8870 ahead of 0.8825 (December low). This guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”