29 Apr 2014
AUD/USD focus on 0.9203 – Commerzbank
FXStreet (Edinburgh) - The uptrend at 0.9203 would be key for the AUD/USD, accoding to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD’s inability to even overcome the 20 day ma has led to a sell off towards its uptrend at .9203- the possible ‘a-b-c’correction lower remains intact and we suspect that the trendline will hold the downside”.
“In order to alleviate immediate downside pressure the market will have to overcome the 20 day ma at .9321 and short term downtrend at .9338 as an absolute minimum”.
“Meanwhile attention will remain on the .9203 2014 uptrend”.
Key Quotes
“AUD/USD’s inability to even overcome the 20 day ma has led to a sell off towards its uptrend at .9203- the possible ‘a-b-c’correction lower remains intact and we suspect that the trendline will hold the downside”.
“In order to alleviate immediate downside pressure the market will have to overcome the 20 day ma at .9321 and short term downtrend at .9338 as an absolute minimum”.
“Meanwhile attention will remain on the .9203 2014 uptrend”.