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24 Feb 2014
Flash: AUD/USD easing lower from the 0.9079/86 resistance - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that having been rejected by the 9079/86 resistance at the beginning of the week, (the January high and 38.2% retracement of the move down from the end of October), we look for further AUD/USD weakness heading into this week.
Key Quotes
“We look for losses initially to 0.8930/17 (the 55 and 20 day ma). This is the next break down point. Only above 0.9086 would introduce scope to the 200 day ma at 0.9203, but this is less favoured.”
“We have minor support 0.8930/17, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We look for losses initially to 0.8930/17 (the 55 and 20 day ma). This is the next break down point. Only above 0.9086 would introduce scope to the 200 day ma at 0.9203, but this is less favoured.”
“We have minor support 0.8930/17, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”