11 Nov 2013
AUD/USD on the defensive – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank says that the AUD/USD failed to clear the .9125 mid September high and finally sold off on Friday.
Key Quotes
“The erosion of the 55 day ma at .9381 and .9410, the 38.2% retracement leaves it to start the week on the defensive.”
“Attention has reverted to the .9283 end of September low, this in turn guards the .9195 61.8% retracement of the move up from August and we look for this to hold the initial test.”
“Note we are unable to rule out this being nothing more than an ‘a-b-c’ correction BUT this is a less favoured scenario and while capped by .9542 we will consider that the market remains directly offered.”
Key Quotes
“The erosion of the 55 day ma at .9381 and .9410, the 38.2% retracement leaves it to start the week on the defensive.”
“Attention has reverted to the .9283 end of September low, this in turn guards the .9195 61.8% retracement of the move up from August and we look for this to hold the initial test.”
“Note we are unable to rule out this being nothing more than an ‘a-b-c’ correction BUT this is a less favoured scenario and while capped by .9542 we will consider that the market remains directly offered.”