5 Mar 2015
AUD/USD Capped and bearish below 0.7883 - CB
FXStreet (Guatemala) - Karen Jones chief analyst at Commerzbank explained that AUD/USD failed at the downtrend at 0.7883 and for now they will maintain a negative bias.
Key Quotes:
"The market failed at this downtrend last week and charted an outside day to the downside which suggests that we are likely to see the resumption of downside pressure."
"Failure here is likely to see a slide back to the 0.7740 initial support ahead of 0.7627 the February low. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."
"Above the downtrend would introduce scope to the 0.8034 7th January low. The market recently again held over the base of the 2013-2015 down channel at 0.7597. A close above 0.8035 is needed to alleviate downside pressure."
Key Quotes:
"The market failed at this downtrend last week and charted an outside day to the downside which suggests that we are likely to see the resumption of downside pressure."
"Failure here is likely to see a slide back to the 0.7740 initial support ahead of 0.7627 the February low. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."
"Above the downtrend would introduce scope to the 0.8034 7th January low. The market recently again held over the base of the 2013-2015 down channel at 0.7597. A close above 0.8035 is needed to alleviate downside pressure."