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AUD/USD a return to 0.9400, unlikely – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not favour another test of the 0.9400 figure in the current context.

Key Quotes

AUD/USD continues to ease back from from the 55 day moving average at .9357, which capped it in August”.

“Only if the August high at .9375 were to unexpectedly be exceeded, would the May peak at .9410 be eyed but we think this unlikely at present”.

“Instead the support line at .9244 is being targeted once again”.

“Once the August lows at .9240/39 give way, the .9182/79 May low and 200 day moving average will be eyed”.

“We also find the 55 week ma in this vicinity at .9214 and the 32.8% Fibonacci retracement at .9182. These represent major break down points and we suspect that they will hold the initial test”.

“Longer term failure at .9182 will trigger the start of a move to .8891, the March low”.

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