8 Dec 2014
AUD/USD erodes the base of its 18 month down channel at 0.8344 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that AUD/USD has sold off to and eroded the base of an 18 month down channel at 0.8344, with long term support at 0.7950/30 levels.
Key Quotes
“AUD/USD has sold off to and eroded the base of an 18 month down channel at .8344. We have the 200 month ma at .8149 and the .8068 2010 low. We have a long term double Fib support at .7950/30.”
“Initial resistance is the Imoku 1 resistance at .8445 and downtrend at .8616. Key resistance remains to be seen at the October high at .8911. Risks are on the downside while trading below there medium term."
Key Quotes
“AUD/USD has sold off to and eroded the base of an 18 month down channel at .8344. We have the 200 month ma at .8149 and the .8068 2010 low. We have a long term double Fib support at .7950/30.”
“Initial resistance is the Imoku 1 resistance at .8445 and downtrend at .8616. Key resistance remains to be seen at the October high at .8911. Risks are on the downside while trading below there medium term."