19 Nov 2013
Flash: AUD/USD revisits 55 DMA - Commerzbank
FXstreet.com (London) - AUD/USD has revisited the 55 day ma at .9422 which capped it on Monday. Karen Jones, chief analyst at Commerzbank explained the 200 day moving average is at .9656.
Key Quote:
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliott wave a-b-c correction but this is a less favoured scenario”.
“While capped by the .9422 55 day ma we will consider that AUD/USD remains directly offered”.
“Below .9273 targets the 61.8% Fibonacci retracement of the move up from August at .9196 and then .9034, the 78.6% Fibonacci retracement of the same move”.
Key Quote:
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliott wave a-b-c correction but this is a less favoured scenario”.
“While capped by the .9422 55 day ma we will consider that AUD/USD remains directly offered”.
“Below .9273 targets the 61.8% Fibonacci retracement of the move up from August at .9196 and then .9034, the 78.6% Fibonacci retracement of the same move”.