24 Oct 2013
Flash: AUD/USD rejected by the 200 day moving average at 0.9744 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, the AUD/USD has seen rejection from the 200 day moving average at 0.9749 and even charted a key day reversal.
Key Quotes
“This has left the 2 month uptrend at 0.9562 exposed and failure here will trigger losses towards the 38.2% retracement at 0.9410. Beyond this, the current Elliott wave counts are suggesting a possible extension of the up move towards 0.9920, the 61.8% retracement of the same move.”
“Here we also find the 55 and 200 week moving averages at 0.9910/25 and here we expect to see failure. But should the 0.9410 support not hold, we suspect the chances of this outcome will diminish.”
Key Quotes
“This has left the 2 month uptrend at 0.9562 exposed and failure here will trigger losses towards the 38.2% retracement at 0.9410. Beyond this, the current Elliott wave counts are suggesting a possible extension of the up move towards 0.9920, the 61.8% retracement of the same move.”
“Here we also find the 55 and 200 week moving averages at 0.9910/25 and here we expect to see failure. But should the 0.9410 support not hold, we suspect the chances of this outcome will diminish.”