7 Jun 2013
Flash: Close to major support - Commerzbank
FXstreet.com (London) - AUD/USD is now extremely close to a major area of support at 0.9404/0.9388 which is explained by analyst teams at Commerzbank.
"This is an inter-year pivot – the lows we saw in 2011 and the highs from 2009 and 2010. It is key and we would expect to see it hold the initial test. Intraday rallies are likely to struggle 0.9655, 0.9780." Their teams went onto say that this represents a major break down point longer term failure here will target 0.9147 then 0.9670 en route to 0.8068, the 2010 low. They expect that the market stays directly offered below 0.9705/0.9792 (recent high).
"This is an inter-year pivot – the lows we saw in 2011 and the highs from 2009 and 2010. It is key and we would expect to see it hold the initial test. Intraday rallies are likely to struggle 0.9655, 0.9780." Their teams went onto say that this represents a major break down point longer term failure here will target 0.9147 then 0.9670 en route to 0.8068, the 2010 low. They expect that the market stays directly offered below 0.9705/0.9792 (recent high).