18 Jul 2014
AUD/USD longer term remains bearish – Commerzbank
FXStreet (Edinburgh) - Despite the current rebound, the outlook for the Aussie dollar in the longer term remains negative, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD has seen a decent rebound off the .9330 3rd July low”.
“We continue to view this as corrective and await a close below .9330 to signal another leg lower is underway (the market does not appear ready to break lower quite yet)”.
“We continue to favour losses to the .9203/.9198 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9188 and the 32.8% retracement at .9182. These represent major break down points short term. Failure here will target .9000/.8980, the 61.8% retracement”.
“Intraday rallies are indicated to terminate circa .9400/17 (cloud on the 240 minute chart) and we view the market as offered while capped by the .9458 10th July high”.
Key Quotes
“AUD/USD has seen a decent rebound off the .9330 3rd July low”.
“We continue to view this as corrective and await a close below .9330 to signal another leg lower is underway (the market does not appear ready to break lower quite yet)”.
“We continue to favour losses to the .9203/.9198 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9188 and the 32.8% retracement at .9182. These represent major break down points short term. Failure here will target .9000/.8980, the 61.8% retracement”.
“Intraday rallies are indicated to terminate circa .9400/17 (cloud on the 240 minute chart) and we view the market as offered while capped by the .9458 10th July high”.