6 Feb 2014
Flash: AUD/USD rroding cloud resistance at 0.8952 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD is inching higher to leave the outlook unchanged.
Key Quotes
“The recent rebound off the .8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction. The move higher has reached cloud resistance at .8952 and this is start
ing to be eroded.”
“This introduces scope to .9079/86, the January high. Dips should find initial support circa .8870/15 ahead of .8765. This guards key support at .8694/.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“The recent rebound off the .8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction. The move higher has reached cloud resistance at .8952 and this is start
ing to be eroded.”
“This introduces scope to .9079/86, the January high. Dips should find initial support circa .8870/15 ahead of .8765. This guards key support at .8694/.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”