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13 Aug 2013
Flash: AUD/USD still targets the 55 day - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD maintains upside pressure and nears the 55 day moving average at .9266 around which it should stall in the days to come.
Key Quotes
“Between here and .9320 we should see failure and the resumption of the longer term bearish trend. Longer term we remain negative and our downside target is seen at 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 .9388/.9404 (2011 low and 2009 high), our downside bias will persist.”
Key Quotes
“Between here and .9320 we should see failure and the resumption of the longer term bearish trend. Longer term we remain negative and our downside target is seen at 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 .9388/.9404 (2011 low and 2009 high), our downside bias will persist.”