3 Jan 2014
Flash: AUD/USD holding Fib extension – Commerzbank
FXstreet.com (London) - Chief Strategist at Commerzbank, Karen Jones explained that the AUD/USD has held the Fibonacci extension of 0.8832 4 times now.
Key Quotes:
“…this has served to reinforce support here and increased the risk of a deeper corrective rebound.”
“We note the erosion of the 3 month downtrend, and this together with 0.9000 is key near term resistance”.
“A close above here would complete a small base and point to recovery to 0.9166/80, the December high and the 38.2% retracement of the move down from October”.
Key Quotes:
“…this has served to reinforce support here and increased the risk of a deeper corrective rebound.”
“We note the erosion of the 3 month downtrend, and this together with 0.9000 is key near term resistance”.
“A close above here would complete a small base and point to recovery to 0.9166/80, the December high and the 38.2% retracement of the move down from October”.