25 Mar 2014
AUD/USD probing the 200 day ma - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD is probing tough resistance circa 0.9132/41, but has yet to see a close above here.
Key Quotes
“This represents the March high, the 2013- 2014 resistance line and the 200 day moving average. It also has not yet tackled the 0.9168 December high and we would allow for this to hold the initial test.”
“Dips need to break the support line at 0.8998 and the second support line at 0.8951 in order to alleviate upside pressure. A close above 0.9168 would imply a deeper rally to 0.9338, the 61.8% retracement.”
Key Quotes
“This represents the March high, the 2013- 2014 resistance line and the 200 day moving average. It also has not yet tackled the 0.9168 December high and we would allow for this to hold the initial test.”
“Dips need to break the support line at 0.8998 and the second support line at 0.8951 in order to alleviate upside pressure. A close above 0.9168 would imply a deeper rally to 0.9338, the 61.8% retracement.”