31 Jan 2014
Flash: AUD/USD holding and consolidating 0.8710/0.8660 zone - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has seen another rebound from key support at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011) and continues to consol
idate losses.
Key Quotes
“We continue to target 0.8550, the 50% retracement of the move from 2008 and then major targets at .8068 then 0.7950/25 longer term.”
“Near term the market continues to struggle to clear the 0.8827 minor high from earlier in the week. Above here we have the 20 day ma at 0.8848 ahead of the 50 day ma, at 0.8942, which together with the resistance line at 0.8922, maintains a negative bias.”
idate losses.
Key Quotes
“We continue to target 0.8550, the 50% retracement of the move from 2008 and then major targets at .8068 then 0.7950/25 longer term.”
“Near term the market continues to struggle to clear the 0.8827 minor high from earlier in the week. Above here we have the 20 day ma at 0.8848 ahead of the 50 day ma, at 0.8942, which together with the resistance line at 0.8922, maintains a negative bias.”