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AUD/USD still targets 0.9330 – Commerzbank

FXStreet (Edinburgh) - Senior Technical Analyst Axel Rudolph at Commerzbank does not rule out a stab to the 0.9330 region.

Key Quotes

“Even though AUD/USD’s bounce off the four month support line at .9246 is losing upside momentum, the .9330 early July low is still being targeted”.

“Resistance above it comes in around the August 19 high at .9343 and along the 55 day moving average at .9364”.

“This is expected to cap together with the help of the .9374 current August high, if reached at all that is”.

“Should the current August lows at .9240/39 give way, the .9182/77 May low and 200 day moving average would be eyed. We also find the 55 week ma in this vicinity at .9212 and the 32.8% Fibonacci retracement at .9182”.

“These represent major break down points and we suspect that they will hold the initial test. Longer term failure at .9182 will trigger the start of a move to .8891, the March low”.

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