30 Jan 2014
Flash: AUD/USD focus on long term Fibo - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD attention has reverted to 0.8671/60, the recent low and long term Fibo.
Key Quotes
“AUD/USD has been unable to clear even initial resistance offered by the 0.8824 December 2013 low. Focus has shifted to key support at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011).”
“We continue to target 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.Above the 0.8827 minor high we have the 20 day ma at 0.8855 ahead of the 50 day ma, at 0.8951, which together with the resistance line at 0.8933, maintains a negative bias.”
Key Quotes
“AUD/USD has been unable to clear even initial resistance offered by the 0.8824 December 2013 low. Focus has shifted to key support at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011).”
“We continue to target 0.8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.Above the 0.8827 minor high we have the 20 day ma at 0.8855 ahead of the 50 day ma, at 0.8951, which together with the resistance line at 0.8933, maintains a negative bias.”