23 Oct 2013
Flash: AUD/USD has reached the 200 day moving average at .9749 - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank says AUD/USD has maintained upside pressure to reach the 200 day moving average at .9749.
Key Quotes
“While we would anticipate that this will provoke some profit taking (we note the 13 count on the TD combo as well), and would recommend tightening stops on long positions/lightening positions.”
“Beyond this, the current Elliott wave counts are suggesting that we then look for an extension of the upmove towards 0.9920, the 61.8% retracement of the same move. Here we also find the 55 and 200 week moving averages at .9910/25 and here we expect to see failure.”
“Immediate upside bias is maintained above the .9545 6 week uptrend.”
Key Quotes
“While we would anticipate that this will provoke some profit taking (we note the 13 count on the TD combo as well), and would recommend tightening stops on long positions/lightening positions.”
“Beyond this, the current Elliott wave counts are suggesting that we then look for an extension of the upmove towards 0.9920, the 61.8% retracement of the same move. Here we also find the 55 and 200 week moving averages at .9910/25 and here we expect to see failure.”
“Immediate upside bias is maintained above the .9545 6 week uptrend.”