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7 Oct 2013
Flash: AUD/USD bid above 0.9283 - Commerzbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank suggests that the AUD/USD last week tested, held and bounced off its 38.2% retracement support at .9283 and continues to look bid near term.
Key Quotes
“The downside is limited short term and the market is trying to base, and should re-test the 38.2% retracement and recent high at 0.9510/25.”
“Below 0.9383, support lies at the 0.9233 August high and the market should remain under pinned here for gains to the .9525 recent high ahead of the 0.9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”
“Failure at 0.9233 implies a loss of momentum and potential for a slide back to the 0.9185 55 day ma and potentially back to sub 0.9000.”
Key Quotes
“The downside is limited short term and the market is trying to base, and should re-test the 38.2% retracement and recent high at 0.9510/25.”
“Below 0.9383, support lies at the 0.9233 August high and the market should remain under pinned here for gains to the .9525 recent high ahead of the 0.9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”
“Failure at 0.9233 implies a loss of momentum and potential for a slide back to the 0.9185 55 day ma and potentially back to sub 0.9000.”