17 Jul 2014
AUD/USD potential downside ahead – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of further pullbacks in the upcoming periods.
Key Quotes
“AUD/USD has sold off to but not yet eroded the .9330 3rdJuly low.
“We await a close below here to signal another leg lower is underway. We continue to suspect the market will ease lower this week”.
“We favour losses to the .9203/.9199 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9188 and the 32.8% retracement at .9182”.
These represent major break down points short term. Failure here will target .9000/.8980, the 61.8% retracement”.
Key Quotes
“AUD/USD has sold off to but not yet eroded the .9330 3rdJuly low.
“We await a close below here to signal another leg lower is underway. We continue to suspect the market will ease lower this week”.
“We favour losses to the .9203/.9199 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9188 and the 32.8% retracement at .9182”.
These represent major break down points short term. Failure here will target .9000/.8980, the 61.8% retracement”.