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Aug 15, 2014
AUD/USD bounce could end around 0.9330 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bullish attempts could run out of legs in the area of 0.9330.
Key Quotes
“AUD/USD has seen a small rebound and this is still indicated to terminate circa .9325/30, while capped here we maintain our bearish bias”.
“We look for losses to the .9203/.9178 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9202 and the 32.8%retracement at .9182. These represent major break down points short term and we suspect that they will hold the initial test”.
“Rallies will find good interim resistance at .9330. Above here will neutralise the chart and introduce scope to retest the .9475 recent high”.
“Longer term failure at .9182 will trigger the start of a move to .8891, the March low”.
Key Quotes
“AUD/USD has seen a small rebound and this is still indicated to terminate circa .9325/30, while capped here we maintain our bearish bias”.
“We look for losses to the .9203/.9178 May low and 200 day ma. We also find the 55 week ma in this vicinity at .9202 and the 32.8%retracement at .9182. These represent major break down points short term and we suspect that they will hold the initial test”.
“Rallies will find good interim resistance at .9330. Above here will neutralise the chart and introduce scope to retest the .9475 recent high”.
“Longer term failure at .9182 will trigger the start of a move to .8891, the March low”.