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5 Mar 2014
Flash: AUD/USD contained lower in a small down channel - Commerzbank
Karen Jones, Head of Technical Analysis at Commerzbank see no change in AUD/USD, with the market being contained lower in a small down channel.
Key Quotes
“The top of the channel lies at 0.9001 today, although the market retains a negative bias while capped by the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October).”
“We look for intraday rallies to terminate ahead of 0.9008. Only above 0.9086 would introduce scope to the 200 day ma at 0.9184, and the 0.9228 2013-2014 resistance line."
"We 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
“The top of the channel lies at 0.9001 today, although the market retains a negative bias while capped by the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October).”
“We look for intraday rallies to terminate ahead of 0.9008. Only above 0.9086 would introduce scope to the 200 day ma at 0.9184, and the 0.9228 2013-2014 resistance line."
"We 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).”