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15 May 2014
AUD/USD further upside allowed above 0.9409 – Commerzbank
FXStreet (Edinburgh) - Potential for further gains are expected in the AUD/USD if the area of 0.9409 is surpassed, said Axel Rudolph, Senior Technical Analyst at Commerzbank.
Key Quotes
“AUD/USD tried to break through the 2013-14 resistance line at .9399 but was capped around it”.
“Only a daily close above the current May high at .9409 will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.
“Dips lower should find support around the .9333 May 13 low and also around the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.
Key Quotes
“AUD/USD tried to break through the 2013-14 resistance line at .9399 but was capped around it”.
“Only a daily close above the current May high at .9409 will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.
“Dips lower should find support around the .9333 May 13 low and also around the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.