19 Jul 2013
Flash: AUD/USD upside losing momentum - Commerzbank
FXstreet.com (London) - Axel Rudolph, Senior Technical Analyst at Commerzbank said AUD/USD’s recent correction higher has already lost upside momentum.
Key Quotes:
“Only a rise above the current July high at 0.9305 would allow for the possibility of a deeper retracement towards key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) to be reached”.
“While capped here our negative bias is entrenched”.
“To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000”.
“Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of 0.8550 is engaged”.
Key Quotes:
“Only a rise above the current July high at 0.9305 would allow for the possibility of a deeper retracement towards key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) to be reached”.
“While capped here our negative bias is entrenched”.
“To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000”.
“Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of 0.8550 is engaged”.