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12 Feb 2014
Flash: AUD/USD approaching initial target 0.9079/86 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analyst at Commerzbank notes that AUD/USD remains upside corrective.
Key Quotes
“The recent rebound off the 0.8670/38.2% retracement of the entire move from 2001 to 2001 is gaining traction and is poised to reach initial target 0.9079/86, the January high. We expect to see profit taking here but acknowledge that above 0.9086 will target the 200 day ma at 0.9241, but would then expect to see failure.”
“Dips should find initial support circa 0.8910/00 ahead of 0.8825 (December low). This guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 20 01 to 2011 and the recent low).”
Key Quotes
“The recent rebound off the 0.8670/38.2% retracement of the entire move from 2001 to 2001 is gaining traction and is poised to reach initial target 0.9079/86, the January high. We expect to see profit taking here but acknowledge that above 0.9086 will target the 200 day ma at 0.9241, but would then expect to see failure.”
“Dips should find initial support circa 0.8910/00 ahead of 0.8825 (December low). This guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 20 01 to 2011 and the recent low).”