Back
6 Aug 2013
Flash: AUD/USD correcting higher - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD’s 240 minute RSI has yet to confirm the new low and we note the 13 count on the 240 minute chart, and both imply some consolidation ahead of further losses.
Key Quotes
“We would allow for a tepid rebound and maintain a longer term negative outlook. Near term we would allow for 0.9083/0.9139, possibly 0.9215/20.”
“Longer term the market has traded below and seen a weekly close below the psychological support at .9000.”
“Our downside target remains 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”
Key Quotes
“We would allow for a tepid rebound and maintain a longer term negative outlook. Near term we would allow for 0.9083/0.9139, possibly 0.9215/20.”
“Longer term the market has traded below and seen a weekly close below the psychological support at .9000.”
“Our downside target remains 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.”
“While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”