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Forex Flash: AUD/USD has broken down from its 9 month range- Commerzbank

FXstreet.com (London) - With the dollar taking centre stage at the end of this week, recording significant gains in a white wash move in the market, triggered by comments from Fed’s non voting member Posser in favour of calling back QE3 next month, The Aussie has tumbled towards parity.

'AUD/USD saw emphatic failure from initial resistance and sold off aggressively through the base of its 1.0100 9 month range low. It has registered a close below here and this is viewed as extremely negative’, said teams of Technical Analyst’s at Commerzbank.

They are in fact targeting the 0.9862/57 zone – the 2011-2013 support line and the 200 week ma longer term. They note this is likely to hold the initial test but ultimately they are looking for this to break too. They went on to say, ‘We have a time zone gap back to 1.0177, which the market is likely to attempt to fill, but rallies will make no impact whatsoever below 1.0256.’

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