8 Nov 2013
Flash: AUD/USD still unable to clear near term resistance - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has eased lower and continues to stall at the 0.9125 mid September high.
Key Quotes
“It has been attempting too recover from 0.9410, the 38.2% retracement and the 0.9376 55 day ma, BUT the rebound so far has been extremely tepid.”
“The Elliott wave count is also indicating that the 0.9422 low may be the end of the correction lower, BUT we do have conflicting signals and for now will adopt a neutral stance.Intraday resistance lies at .9575/.9625. above here re-targets the 200 day ma at .9691.”
Key Quotes
“It has been attempting too recover from 0.9410, the 38.2% retracement and the 0.9376 55 day ma, BUT the rebound so far has been extremely tepid.”
“The Elliott wave count is also indicating that the 0.9422 low may be the end of the correction lower, BUT we do have conflicting signals and for now will adopt a neutral stance.Intraday resistance lies at .9575/.9625. above here re-targets the 200 day ma at .9691.”