21 Nov 2013
Flash: AUD/USD rejected by the 55 day ma at 0.9429 and bearish - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst notes AUD/USD has been rejected by the 55 day MA at 0.9429 and so far dropped close to the 0.9273 current November low.
Key Quotes
“A move below 0.9273 would target the 61.8% Fib retracement of the move up from August at 0.9196 and then 0.9034, the 79.6% Fib retracement of the same move.”
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliot wave a-b-c correction but this is a less favoured scenario.”
“Should the 0.9448 November 20 high unexpectedly be bettered, the 0.9511/24 resistance area will be in sight (38.2% Fib retracement and September peak). This is not favoured.
Key Quotes
“A move below 0.9273 would target the 61.8% Fib retracement of the move up from August at 0.9196 and then 0.9034, the 79.6% Fib retracement of the same move.”
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliot wave a-b-c correction but this is a less favoured scenario.”
“Should the 0.9448 November 20 high unexpectedly be bettered, the 0.9511/24 resistance area will be in sight (38.2% Fib retracement and September peak). This is not favoured.