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11 Sep 2013
Flash: AUD/USD caps ahead – Commerzbank
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank eyes resistances ahead.
Key Quotes:
“AUD/USD tests the July peak at .9318 which is likely to cap in the very short term. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside”.
“Intraday dips will find initial support at .9075/40 but near term upside pressure is maintained above .9000. This guards the .8848 recent low”.
“We remain bearish longer term and longer term targets remain to be seen at .8550, the 50% retracement of the move up from 2008”.
“Our longer term downside target measured from the top is .7700”.
Key Quotes:
“AUD/USD tests the July peak at .9318 which is likely to cap in the very short term. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside”.
“Intraday dips will find initial support at .9075/40 but near term upside pressure is maintained above .9000. This guards the .8848 recent low”.
“We remain bearish longer term and longer term targets remain to be seen at .8550, the 50% retracement of the move up from 2008”.
“Our longer term downside target measured from the top is .7700”.