4 Aug 2015
AUD/USD initial resistance awaits at 0.7438/54 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued that bullish attempts should find the initial hurdle at the 0.7438/54 area.
Key Quotes
“AUD/USD our view remains unchanged – last week the market charted a key day reversal and we continue to look for recovery from the base of the 2 year channel at .7188 and major support in the form of a long term Fibonacci retracement at .7185 and the 14 year support line at .7144”.
“We look for these to hold the downside on the initial test and provoke some profit taking”.
“Rallies will find initial resistance at .7438/54, the 23.6% retracement short term resistance line and failure here will suggest that the market remains still offered. Above .7454 will trigger recovery to the .7584 55 day ma”.
Key Quotes
“AUD/USD our view remains unchanged – last week the market charted a key day reversal and we continue to look for recovery from the base of the 2 year channel at .7188 and major support in the form of a long term Fibonacci retracement at .7185 and the 14 year support line at .7144”.
“We look for these to hold the downside on the initial test and provoke some profit taking”.
“Rallies will find initial resistance at .7438/54, the 23.6% retracement short term resistance line and failure here will suggest that the market remains still offered. Above .7454 will trigger recovery to the .7584 55 day ma”.