28 Oct 2013
Flash: AUD/USD eroding the 2 month uptrend at .9596 - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank says that the AUD/USD last week sold off to its 2 month uptrend, which today is located at .9596 and is currently being eroded.
Key Quotes
“The market has recently charted a key day reversal from the 200 day moving average at .9735 and we view the uptrend as exposed. Failure here will trigger losses towards the 38.2% retracement at .9410.”
“Above .9757, would allow for a possible extension of the up move towards 0.9920, the 61.8% retracement. Here we also find the 55 and 200 week moving averages at .9897/.9929 and here we expect to see failure. But should the .9410 support not hold, we suspect the chances of this outcome will diminish.”
Key Quotes
“The market has recently charted a key day reversal from the 200 day moving average at .9735 and we view the uptrend as exposed. Failure here will trigger losses towards the 38.2% retracement at .9410.”
“Above .9757, would allow for a possible extension of the up move towards 0.9920, the 61.8% retracement. Here we also find the 55 and 200 week moving averages at .9897/.9929 and here we expect to see failure. But should the .9410 support not hold, we suspect the chances of this outcome will diminish.”