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28 Jan 2014
Flash: AUD/USD consolidating following its move to target - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD spent yesterday consolidating following its recent move to its interim target at 0.8710/0.8671 (the 2011-2014 channel base and the 38.2% retracement of the move from 2001 to 2011).
Key Quotes
“We are looking for some minor consolidation and a rally towards the 20 day ma at 0.8873 ahead of further losses.”
“This is not the end of the down move and we have our next target at 0.8550, 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 0.8873 and the 50 day ma, this is currently located at 0.8977. Together with the resistance line at 0.8957, this should cap the topside to leave the outlook still negative.”
Key Quotes
“We are looking for some minor consolidation and a rally towards the 20 day ma at 0.8873 ahead of further losses.”
“This is not the end of the down move and we have our next target at 0.8550, 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 0.8873 and the 50 day ma, this is currently located at 0.8977. Together with the resistance line at 0.8957, this should cap the topside to leave the outlook still negative.”