13 May 2014
AUD/USD above 0.9400 would open further upside – Commerzbank
FXStreet (Edinburgh) - A break above 0.9404 would open the door for a test of April top at 0.9460, according to Axel Rudolph, Senior Technical Analyst at Commerzbank.
Key Quotes
“Last week’s rally in AUD/USD has taken it to the .9393 level, not far below the 2013-14 resistance line at .9404 which we expect to cap”.
“Only a daily close above this resistance line will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.
“Dips lower should find support around the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.
Key Quotes
“Last week’s rally in AUD/USD has taken it to the .9393 level, not far below the 2013-14 resistance line at .9404 which we expect to cap”.
“Only a daily close above this resistance line will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.
“Dips lower should find support around the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.