9 Apr 2014
AUD/USD approaching 0.9398 top of channel - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has shot higher and is poised to reach the top of the channel at 0.9398.
Key Quotes
“This is a pretty tough band of resistance – the October 2011 low is also here at 0.9388 and we would allow for this to hold the initial test.”
“Support is found at 0.9302/07 and at last weeks low at 0.9207. Should 0.9398 be taken out we have 0.9448, the November high and then 0.9620, the 50% retracement of the move down from the 2013 peak
Key Quotes
“This is a pretty tough band of resistance – the October 2011 low is also here at 0.9388 and we would allow for this to hold the initial test.”
“Support is found at 0.9302/07 and at last weeks low at 0.9207. Should 0.9398 be taken out we have 0.9448, the November high and then 0.9620, the 50% retracement of the move down from the 2013 peak