Back
12 Mar 2014
Flash: AUD/USD probes three month support line at 0.8956 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD has not only slipped through the 0.9004 3rd of January high but also through the mid-December peak at 0.8991 and thus probes the three month support line at 0.8956.
Key Quotes
“Failure there will push the 55 day moving average and the current March low at 0.8924/0.8891 back to the fore. There we expect the current descent to lose downside momentum. If not, the 0.8834/22 support area, the December lows, could be revisited.”
“Good resistance comes in between the 38.2% Fibonacci retracement and the January peak at 0.9079/86 and further resistance between the current March high at 0.9132 and the 200 day moving
average and 2013-2014 resistance line at 0.9161/69.”
Key Quotes
“Failure there will push the 55 day moving average and the current March low at 0.8924/0.8891 back to the fore. There we expect the current descent to lose downside momentum. If not, the 0.8834/22 support area, the December lows, could be revisited.”
“Good resistance comes in between the 38.2% Fibonacci retracement and the January peak at 0.9079/86 and further resistance between the current March high at 0.9132 and the 200 day moving
average and 2013-2014 resistance line at 0.9161/69.”