25 Oct 2013
Flash: AUD/USD has held initial test of 2 month uptrend at 9579 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank says that the AUD/USD has held the initial test of its 2 month uptrend at .9579.
Key Quotes
“However having recently charted a key day reversal from the 200 day moving average at .9744, some caution is warranted. Failure here will trigger losses towards the 38.2% retracement at .9410. Beyond this, the current Elliott wave counts are suggesting a possible 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. But should the .9410 support not hold, we suspect the chances of this outcome will diminish.”
Key Quotes
“However having recently charted a key day reversal from the 200 day moving average at .9744, some caution is warranted. Failure here will trigger losses towards the 38.2% retracement at .9410. Beyond this, the current Elliott wave counts are suggesting a possible 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. But should the .9410 support not hold, we suspect the chances of this outcome will diminish.”