4 Apr 2014
AUD/USD holds below the 0.9300 resistance again - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD continues to stall at resistance circa 0.9300.
Key Quotes
“We look for the market to ease back from tough resistance offered by the top of the channel, which lies at 0.9373 today and the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9348. Support is found at 0.9140 the 200 day ma and at 0.9105 Fibo support ahead of the 0.9066 channel support.”
“However it is possible that this is nothing more than an a-b-c correction and without additional sell signals we think we will just cover shorts at market. Above 0.9338/48, the 61.8% retracement and the 55 week ma, introduces scope to 0.9448, the November high.”
Key Quotes
“We look for the market to ease back from tough resistance offered by the top of the channel, which lies at 0.9373 today and the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9348. Support is found at 0.9140 the 200 day ma and at 0.9105 Fibo support ahead of the 0.9066 channel support.”
“However it is possible that this is nothing more than an a-b-c correction and without additional sell signals we think we will just cover shorts at market. Above 0.9338/48, the 61.8% retracement and the 55 week ma, introduces scope to 0.9448, the November high.”