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27 Aug 2013
Flash: AUD/USD remains sidelined around the 0.9000 mark - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD’s decline over the past few days has taken it to below the mid-July low at 0.8999 and the breached downtrend channel line, now at at .8910, fell to 0.8932, before recovering.
Key Quotes
“Should the latter level give way, the August low at .8849 will be back in play.”
“Over the next few days further sideways trading remains on the cards, though.”
“Longer term we will remain negative while below key resistance at 0.9388/0.9404 (2011 low and 2009 high) with our downside target being 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. Medium term, while capped by resistance at 0.9232/0.9319 (July and current August high), our downside bias will remain in place.”
Key Quotes
“Should the latter level give way, the August low at .8849 will be back in play.”
“Over the next few days further sideways trading remains on the cards, though.”
“Longer term we will remain negative while below key resistance at 0.9388/0.9404 (2011 low and 2009 high) with our downside target being 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. Medium term, while capped by resistance at 0.9232/0.9319 (July and current August high), our downside bias will remain in place.”