12 Nov 2013
Flash: AUD/USD on defensive around late September low - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commezbank notes that AUD/USD continues to erode the 55 day ma to leave the market on the defensive.
Key Quotes
“Attention has reverted to the 0.9283 end of September low, this in turn guards the 0.9195 61.8% retracement of the move up from August and we look for this to hold the initial test.”
“Please note that the Elliott wave count is implying that the market will hold over 0.9283. Note we are unable to rule out this being nothing more than an ‘a-b-c correction BUT this is a less favoured scenario and while capped by 0.9542 we will consider that the market remains directly offered.”
Key Quotes
“Attention has reverted to the 0.9283 end of September low, this in turn guards the 0.9195 61.8% retracement of the move up from August and we look for this to hold the initial test.”
“Please note that the Elliott wave count is implying that the market will hold over 0.9283. Note we are unable to rule out this being nothing more than an ‘a-b-c correction BUT this is a less favoured scenario and while capped by 0.9542 we will consider that the market remains directly offered.”