7 Feb 2014
Flash: AUD/USD eroding cloud resistance - Commerzbank
FXStreet (London) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD is slowly inching higher to leave the outlook unchanged.
Key Quotes
“The recent rebound off the .8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction. The move higher is starting to erode cloud resistance at .8952. This introduces scope to .9079/86, the January high.”
“Dips should find initial support circa .8870 ahead of .8825 (December low). This guards key support at .8694/.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“The recent rebound off the .8670/38.2% retracement of the of the entire move from 2001 to 2001 is gaining traction. The move higher is starting to erode cloud resistance at .8952. This introduces scope to .9079/86, the January high.”
“Dips should find initial support circa .8870 ahead of .8825 (December low). This guards key support at .8694/.8660 (the 2011-2014 channel base, the the 38.2% retracement of the move from 2001 to 2011 and the recent low).”