24 Mar 2014
AUD/USD holds support line at 0.8990 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank comments that AUD/USD has recently reversed from tough resistance circa 0.9132/43.
Key Quotes
“This was the March high, the 2013-2014 resistance line and the 200 day moving average. It has not seen much follow through on the downside and so far it has sold off towards and recovered from the support line at 0.8990.”
“Ideally we will see the 200 day ma continue to cap for losses to the second support line at 0.8948. We suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and we look for rallies to find resistance at 0.9075/0.9100 and be contained by the 200 day ma at 0.9145.”
Key Quotes
“This was the March high, the 2013-2014 resistance line and the 200 day moving average. It has not seen much follow through on the downside and so far it has sold off towards and recovered from the support line at 0.8990.”
“Ideally we will see the 200 day ma continue to cap for losses to the second support line at 0.8948. We suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and we look for rallies to find resistance at 0.9075/0.9100 and be contained by the 200 day ma at 0.9145.”