Feb 7, 2013
Forex Flash: AUD/USD bearish, capped at 1.0486/90 - Commerzbank
Having broken down through support at 1.0345 (December low), Commerzbank analysts continue to view the AUD/USD market as a top and look for a slide to the 1.0149 October 2012 low. “We do have a support line drawn from the 2009 lows at 1.0280, but this connects only 2 points and should only act as temporary support”, wrote analyst Karen Jones, allowing for a small rebound very near term. “Rallies are expected to remain capped by 1.0486/90, the 18th Jan low and 27th November high, which is a short term pivot and while capped here attention will remain on the downside. On the upside, there is a short term resistance line at 1.0432 “which is likely to offer additional resistance and the previous Dec low should act as immediate resistance”, she added.