23 Jul 2013
Flash: AUD/USD continues higher in its range - Commerzbank
FXstreet.com (London) - AUD/USD continues to work higher in its range and Karen Jones, Head of FICC Technical Analysis at Commerzbank offers their technical analyses.
Key Quotes:
“Short term we note that the intraday charts are suggesting that the current correction higher should reach the 0.9400 region, but should then struggle”.
“While capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) 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”.
“Shorter term (1-3 weeks): Sell off has breached the 0.9404/.9388 support and targets the 0.8550 zone”.
“Medium term (1-3 months): Targets 0.8550 en route to 0.8068, the 2010 low”.
Key Quotes:
“Short term we note that the intraday charts are suggesting that the current correction higher should reach the 0.9400 region, but should then struggle”.
“While capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) 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”.
“Shorter term (1-3 weeks): Sell off has breached the 0.9404/.9388 support and targets the 0.8550 zone”.
“Medium term (1-3 months): Targets 0.8550 en route to 0.8068, the 2010 low”.