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11 Sep 2014
AUD/USD bearish below 0.9413 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the negative bias to remain as long as the market trades below 0.9413.
Key Quotes
“AUD/USD appears to be executed a ‘return to point of break down and we would allow for a test of the previous uptrend at .9247, this should now act as resistance”.
“Beyond this we target .9082 then .8982/63, this latter level is the 61.8% retracement of the move seen this year”.
“Rallies are indicated to terminate circa .9250 and should remain capped by the resistance line at .9413 for a negative bias to be maintained”.
Key Quotes
“AUD/USD appears to be executed a ‘return to point of break down and we would allow for a test of the previous uptrend at .9247, this should now act as resistance”.
“Beyond this we target .9082 then .8982/63, this latter level is the 61.8% retracement of the move seen this year”.
“Rallies are indicated to terminate circa .9250 and should remain capped by the resistance line at .9413 for a negative bias to be maintained”.