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4 Aug 2014
AUD/USD remains offered – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the door is open for a potential slide to 0.9203/0.9187.
Key Quotes
“AUD/USD saw a minor bounce on Friday, but given this held below the .9330 the market remains directly offered to start this week”.
“The intraday Elliott wave counts are neutral to negative and we look for losses to the .9203/.9187 May low and 200 day ma”.
“We also find the 55 week ma in this vicinity at .9202 and the 32.8% retracement at .9195. These represent major break down points short term”.
“We would allow for a small rebound, but suspect that will struggle to regain .9330/50”.
“Risks will remain on the downside while capped by the .9475 recent high”.
Key Quotes
“AUD/USD saw a minor bounce on Friday, but given this held below the .9330 the market remains directly offered to start this week”.
“The intraday Elliott wave counts are neutral to negative and we look for losses to the .9203/.9187 May low and 200 day ma”.
“We also find the 55 week ma in this vicinity at .9202 and the 32.8% retracement at .9195. These represent major break down points short term”.
“We would allow for a small rebound, but suspect that will struggle to regain .9330/50”.
“Risks will remain on the downside while capped by the .9475 recent high”.