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27 Jan 2014
Flash: AUD/USD reaches its medium term target - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has reached its interim target at 0.8710/0.8671, the base of the 2011-2014 channel and the 38.2% retrace
ment of the move from 2001 to 2011.
Key Quotes
“We do not think at this stage that a slide beyond here will be maintained, although it is possible that we will see one more thrust down to 0.8600. We will await the next signal.”
“This is not the end of the down move and we have our next target at .8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.”
“Directly overhead lies the 20 day ma at 0.8879 and the 50 day ma, this is currently located at 0.8989. Together with the resistance line at 0.8969, this should cap the topside to leave the outlook still negative.”
ment of the move from 2001 to 2011.
Key Quotes
“We do not think at this stage that a slide beyond here will be maintained, although it is possible that we will see one more thrust down to 0.8600. We will await the next signal.”
“This is not the end of the down move and we have our next target at .8550, the 50% retracement of the move from 2008 and then major targets at 0.8068 then 0.7950/25.”
“Directly overhead lies the 20 day ma at 0.8879 and the 50 day ma, this is currently located at 0.8989. Together with the resistance line at 0.8969, this should cap the topside to leave the outlook still negative.”