6 Nov 2013
Flash: AUD/USD is attempting to recover from .9410 – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank feels that AUD/USD is attempting to recover from .9410, the 38.2% retracement but has so far failed to clear the .9525 September high on a closing basis.
Key Quotes
“Directly below the market support is reinforced by the .9360 55 day ma. The Elliott wave count is also indicating that the .9422 low may be the end of the correction lower, but we do have conflicting signals so are currently on the sidelines.”
“Intraday rallies are expected to struggle at .9575 and should ideally be contained by .9625.”
“While capped here we remain unable to rule out further weakness. Above here will allow for another challenge of the 200 day ma at .9705. Below .9350 will target the .9283 end of September low.”
Key Quotes
“Directly below the market support is reinforced by the .9360 55 day ma. The Elliott wave count is also indicating that the .9422 low may be the end of the correction lower, but we do have conflicting signals so are currently on the sidelines.”
“Intraday rallies are expected to struggle at .9575 and should ideally be contained by .9625.”
“While capped here we remain unable to rule out further weakness. Above here will allow for another challenge of the 200 day ma at .9705. Below .9350 will target the .9283 end of September low.”