Back
28 Feb 2014
Flash: AUD/USD attempting to recover off the 55 day ma at 0.8912 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD is sitting on the 0.8912 55 day ma, and it is possible that this will hold the initial test, but she is looking for the topside to be contained by the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October).
Key Quotes
“The 55 day ma should act as a near term break down point. We look for intraday rallies to terminate 0.9022. Only above 0.9086 would introduce scope to the 200 day ma at .9188, and the 0.9228 2013-2014 resistance line.”
“We consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“The 55 day ma should act as a near term break down point. We look for intraday rallies to terminate 0.9022. Only above 0.9086 would introduce scope to the 200 day ma at .9188, and the 0.9228 2013-2014 resistance line.”
“We consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”