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25 Feb 2014
Flash: AUD/USD holding the 55 day ma at 0.8918 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has held the initial test of the 55 day ma at 0.8918 and it is possible that the market will retest the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October), which we are looking to currently hold.
Key Quotes
Support offered by 0.8945/18 (the 55 and 20 day ma) is regarded as the near term break down point. Only above 0.9086 would introduce scope to the 200 day ma at 0.9200, and the 0.9228 2013-2014 resistance line.
We have minor support 0.8945/18, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).
Key Quotes
Support offered by 0.8945/18 (the 55 and 20 day ma) is regarded as the near term break down point. Only above 0.9086 would introduce scope to the 200 day ma at 0.9200, and the 0.9228 2013-2014 resistance line.
We have minor support 0.8945/18, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).