Apr 30, 2013
Forex Flash: AUD/USD should slide to 1.0216/04 despite conflicting signals – Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts believe the AUD/USD should hold at 1.0359/60 (38.2% retracement), but “intraday charts are giving conflicting signals and we remain unable to rule out an extension to the 200 day ma and next Fibo at 1.0397/1.0402”, wrote analyst Karen Jones. “We continue to look for a slide to 1.0216/04, this is the 78.6% retracement and the 11th March low. This is considered to be the last defense for the 1.0116 recent low”, she added, pointing to 1.0116/00 support as the bottom of a 9 month range, break of which would be significant. “We target the 0.9845/38 zone – the 2011-2013 support line and the 200 week ma longer term”, the Commerzbank analyst concluded.