10 Apr 2014
AUD/USD approaching 0.9448 November high - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has accelerated higher through the top of its channel towards the November high at 0.9448.
Key Quotes
“Between here and the 78.6% retracement at 0.9522 we suspect that we will see initial failure – we note the 13 count on the daily chart. We suspect however that this will simply be the market consolidating its recent gains.”
“Support is found at 0.9302/07 and at last weeks low at 0.9207 ahead of the 0.9099 uptrend. Above 0.9522 lies 0.9620, the 50% retracement of the move down from the 2013 peak then 0.9758 the October 2013 high.”
Key Quotes
“Between here and the 78.6% retracement at 0.9522 we suspect that we will see initial failure – we note the 13 count on the daily chart. We suspect however that this will simply be the market consolidating its recent gains.”
“Support is found at 0.9302/07 and at last weeks low at 0.9207 ahead of the 0.9099 uptrend. Above 0.9522 lies 0.9620, the 50% retracement of the move down from the 2013 peak then 0.9758 the October 2013 high.”