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16 Sep 2015
AUD/USD: headed back to 0.7050 support. Commerzbank
FXStreet (Barcelona) - Karen Jones, chief analyst at Commerzbank explained the technical conditions surrounding AUD/USD.
Key Quotes
"AUD/USD has rallied and is expected to remain capped by 0.7205 (last weeks high).
Failure here should provoke a retest of the .7050 support. Below .7050 will alleviate immediate upside pressure and retarget the .6905 recent low and then .6774 the 2004 low longer term. We note the 13 count on the 240 minute chart and this adds weight to the idea of failure here."
Key Quotes
"AUD/USD has rallied and is expected to remain capped by 0.7205 (last weeks high).
Failure here should provoke a retest of the .7050 support. Below .7050 will alleviate immediate upside pressure and retarget the .6905 recent low and then .6774 the 2004 low longer term. We note the 13 count on the 240 minute chart and this adds weight to the idea of failure here."