3 Dec 2013
Flash: AUD/USD looking for a retest of Fibo support at 0.9043 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD’s rebound has remained pretty tepid and focus is back on the downside and 0.9043, the 78.6% Fibonacci retracement of the move up from August.
Key Quotes
“We suspect that this will break on the next test and failure here will target the 0.8848 August low and 0.8745, the base of a 2 year down channel.”
“The 0.9043 level is expected to act as the next trigger on the downside.”
“Intraday rallies should still remain capped by 0.9170/.9238. An immediate negative bias will be maintained while rallies remain capped by the 0.9310 6 week resistance line.”
Key Quotes
“We suspect that this will break on the next test and failure here will target the 0.8848 August low and 0.8745, the base of a 2 year down channel.”
“The 0.9043 level is expected to act as the next trigger on the downside.”
“Intraday rallies should still remain capped by 0.9170/.9238. An immediate negative bias will be maintained while rallies remain capped by the 0.9310 6 week resistance line.”