23 Jan 2014
Flash: AUD/USD holds below 20 day ma - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD’s daily RSI continues to show signs of divergence.
Key Quotes
“This reflects a loss of downside momentum and we would allow for further consolidation ahead of further losses.”
“Intraday charts are now giving neutral to negative signals and we continue to target the base of the channel at 0.8705/05.”
“Directly overhead lies the 20 day ma at 0.8899 ahead of the 50 day ma, this is currently located at 0.9014. Together with the resistance line at 0.8992, this should cap the topside to leave the outlook still negative.”
Key Quotes
“This reflects a loss of downside momentum and we would allow for further consolidation ahead of further losses.”
“Intraday charts are now giving neutral to negative signals and we continue to target the base of the channel at 0.8705/05.”
“Directly overhead lies the 20 day ma at 0.8899 ahead of the 50 day ma, this is currently located at 0.9014. Together with the resistance line at 0.8992, this should cap the topside to leave the outlook still negative.”