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9 Sep 2013
Flash: AUD/USD nears the 0.9228 August high - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has found support at the 55 day ma at .9114.
Key Quotes
“The near term risk has increased for further gains to the 0.9233/58 mid-August high and the 23.6% retracement. Key resistance remains at 0.9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.”
“Intraday dips will find initial support at 0.9075/40 but near term upside pressure is maintained above 0.9000. This guards the 0.8848 recent low. We remain bearish longer term and longer term targets remain to be seen at 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.
Key Quotes
“The near term risk has increased for further gains to the 0.9233/58 mid-August high and the 23.6% retracement. Key resistance remains at 0.9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.”
“Intraday dips will find initial support at 0.9075/40 but near term upside pressure is maintained above 0.9000. This guards the 0.8848 recent low. We remain bearish longer term and longer term targets remain to be seen at 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700.