13 Jan 2014
Flash: AUD/USD a continuation?
FXstreet.com (Guatemala) - Karen Jones, chief analyst at Commerzbank said AUD/USD has rallied higher to reach the 0.9042/23.6% retracement of the move down from October 2013.
Key Quotes:
“It is still not clear if this is a continuation OR a possible base pattern developing, but a deeper retracement to .9100 and possibly 0.9166/80, the December high and the 38.2% retracement of the move down from October is now more viable”.
“Resistance 0.9042/43”.
“Failure at 0.9042 will cast attention back to the 0.8822 mid December low. Below 0.8822 will target the base of the 2 year down channel at 0.8717 and our longer term targets are found at 0.8550 en route to 0.8068”.
Key Quotes:
“It is still not clear if this is a continuation OR a possible base pattern developing, but a deeper retracement to .9100 and possibly 0.9166/80, the December high and the 38.2% retracement of the move down from October is now more viable”.
“Resistance 0.9042/43”.
“Failure at 0.9042 will cast attention back to the 0.8822 mid December low. Below 0.8822 will target the base of the 2 year down channel at 0.8717 and our longer term targets are found at 0.8550 en route to 0.8068”.