24 Jan 2014
Flash: AUD/USD reaches its short term target - Commerbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has sold off to the base of the channel at .8705/00.
Key Quotes
“In this vicinity we also find the 38.2% retracement of the move from 2001 to 2011 at 0.8671 and we do not think at this stage that a slide beyond here will be seen on the initial test. We will await the next signal.”
“This is not the end of the downmove and we have our next target at 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.”
Directly overhead lies the 20 day ma at 0.8888 ahead of the 50 day ma, this is currently located at 0.9001. Together with the resistance line at 0.8980, this should cap the topside to leave the outlook still negative.”
Key Quotes
“In this vicinity we also find the 38.2% retracement of the move from 2001 to 2011 at 0.8671 and we do not think at this stage that a slide beyond here will be seen on the initial test. We will await the next signal.”
“This is not the end of the downmove and we have our next target at 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.”
Directly overhead lies the 20 day ma at 0.8888 ahead of the 50 day ma, this is currently located at 0.9001. Together with the resistance line at 0.8980, this should cap the topside to leave the outlook still negative.”