18 Feb 2014
Flash: AUD/USD – Market is stalling at the 0.9079/86 resistance - Commerzbank
FXStreet (Barcelona) - Karen Jones, AUD/USD is stalling at 0.9079/86, the January high and 38.2% retracement of the move down from the end of October.
Key Quotes
“We note the TD perfected set up on the daily chart and suspect that the market will ease lower towards 0.9000 then 0.8910/07.”
“Above 0.9086 will introduce scope to the 200 day ma at 0.9220, but would then expect to see failure. (This is now less favoured).”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8689/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We note the TD perfected set up on the daily chart and suspect that the market will ease lower towards 0.9000 then 0.8910/07.”
“Above 0.9086 will introduce scope to the 200 day ma at 0.9220, but would then expect to see failure. (This is now less favoured).”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8689/.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”