Back
28 Aug 2013
Flash: AUD/USD below 0.900 level - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD is again weighing on the downside.
Key Quotes
It is clear that the 55 day moving average at 0.9172 and cloud resistance at 0.9219 offer some immediate tough overhead obstacles and while capped here the August low at 0.8848 remains exposed.
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 andcurrent August high), our downside bias will remain in place.”
Key Quotes
It is clear that the 55 day moving average at 0.9172 and cloud resistance at 0.9219 offer some immediate tough overhead obstacles and while capped here the August low at 0.8848 remains exposed.
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 andcurrent August high), our downside bias will remain in place.”