4 Nov 2013
Flash: AUD/USD has sold off to the 38.2% Fibonacci – Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst at Commerzbank says that the AUD/USD has sold off towards and is showing signs of recovery from just ahead of .9410, the 38.2% retracement and the .9342 55 day MA.
Key Quotes
“The Elliott wave count is indicating that this may be the end of the correction lower and we would at this state exit short positions. Intraday rallies are expected to struggle at .9515/45 and should ideally be contained by .9625.”
“While capped here we remain unable to rule out further weakness. Above here will allow for another challenge of the 200 day ma at .9710.”
Key Quotes
“The Elliott wave count is indicating that this may be the end of the correction lower and we would at this state exit short positions. Intraday rallies are expected to struggle at .9515/45 and should ideally be contained by .9625.”
“While capped here we remain unable to rule out further weakness. Above here will allow for another challenge of the 200 day ma at .9710.”