6 Mar 2014
Flash: AUD/USD erodes small down channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has eroded a small down channel.
Key Quotes
“It will need to clear the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October) in order to alleviate downside pressure and reassert upside pressure to the 200 day ma at 0.9174 and the 2013-2014 resistance line at .9198.
“Only above .9086 would introduce scope to the 200 day ma at .9177, and the .9228 2013-2014 resistance line. We consider that support at .8825 (December low) guards key support at .8683/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“It will need to clear the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October) in order to alleviate downside pressure and reassert upside pressure to the 200 day ma at 0.9174 and the 2013-2014 resistance line at .9198.
“Only above .9086 would introduce scope to the 200 day ma at .9177, and the .9228 2013-2014 resistance line. We consider that support at .8825 (December low) guards key support at .8683/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”