11 Oct 2013
AUD/USD market has not closed below the short term uptrend – Commezbank
FXstreet.com (Athens) – Karen Jones, Head Technical Analyst at Commerzbank says the AUD/USD traded through but has not closed below its short term uptrend.
Key Quotes
“It remains capable of re-challenging its initial resistance at.9510/25. A slide below yesterdays low of .9390 is needed to alleviate its immediate upside pressure and to trigger a retest of its 38.2%retracement support at .9283.”
“Below .9283, support lies at the .9233 August high and the .9200 55 day ma.”
“Key short term resistance lies at .9510/25, while above .9283 we are unable to rule out scope for recovery. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”
Key Quotes
“It remains capable of re-challenging its initial resistance at.9510/25. A slide below yesterdays low of .9390 is needed to alleviate its immediate upside pressure and to trigger a retest of its 38.2%retracement support at .9283.”
“Below .9283, support lies at the .9233 August high and the .9200 55 day ma.”
“Key short term resistance lies at .9510/25, while above .9283 we are unable to rule out scope for recovery. Above the .9525 recent high will target the .9580 May 2012 low and then the .9665 June high.”