Feb 8, 2013
Forex Flash: AUD/USD directly offered and targeting 0.9783 - Commerzbank
The AUD/USD is directly offered as it remains below initial resistance at 1.0345 (December low). "The market has sold off through the 2009-2013 1.0280 support line as expected and targets the 1.0149 October 2012 low", wrote Commerzbank analyst Karen Jones. "Our longer term target is 0.9783, the 2011-2012 support line and then 0.9404 the 2009 peak", she added, expecting rallies to remain capped by 1.0465/75 (30th Jan high and 55 day ma) "and while capped here attention will remain on the downside". Additional resistance may be offered at short term resistance line at 1.0419 and the previous December low at 1.0345.