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14 Feb 2014
Flash: AUD/USD attempting to stabilise at 55 day ma - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD managed to stabilise at the 55 day ma at 0.8927 and looks capable of possibly re-testing 0.9079/86, the January high and 38.2% retracement of the move down from the end of October.
Key Quotes
“We note that the intraday Elliott wave count is suggesting a rebound from here and above 0.9086 will introduce scope to the 200 day ma at 0.9229, but would then expect to see failure.”
“We have minor support 0.8910, but consider that support at 0.8825 (December low) guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We note that the intraday Elliott wave count is suggesting a rebound from here and above 0.9086 will introduce scope to the 200 day ma at 0.9229, but would then expect to see failure.”
“We have minor support 0.8910, but consider that support at 0.8825 (December low) guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”