25 Jul 2013
Flash: AUD/USD eyes support – Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said the AUD/USD charted an outside day to the downside and attention has reverted to support.
Key Quotes:
“The intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched”.
“To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000”.
Key Quotes:
“The intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched”.
“To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000”.