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12 Aug 2013
Flash: AUD/USD nears 55D MA at 0.9276 – Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Currency Strategy at Commerzbank notes that AUD/USD maintains upside pressure and nears the 55 day moving average at 0.9276 around which it should stall in the days to come.
Key Quotes
“Between here and .9320 we should see failure and the resumption of the longer term bear trend.”
“Longer term we remain negative and our downside target remains 0.8550, the 50% retracement of the move up from 2008.”
“Our longer term downside target measured from the top is 0.7700. While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”
Key Quotes
“Between here and .9320 we should see failure and the resumption of the longer term bear trend.”
“Longer term we remain negative and our downside target remains 0.8550, the 50% retracement of the move up from 2008.”
“Our longer term downside target measured from the top is 0.7700. While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010.”