12 Jan 2016
AUD/USD: 0.6774 2004 target - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that AUD/USD saw a near term bounce as expected yesterday.
Key Quotes:
"The market is losing downside momentum just ahead of the September low at 0.6905. We note the 13 count and divergence of the RSI on the 240 minute chart and would allow for a small rebound to 0.7040/0.7090 ahead of further losses. Risks are on the downside longer term and we target the 0.6774 2004 low.
Further resistance is offered by the 55 day ma at 0.7178. Key near term resistance lies at 0.7381/85, the October high and the 38.2% retracement and the 0.7395 200 day ma. While capped here the market will remain directly offered."
Key Quotes:
"The market is losing downside momentum just ahead of the September low at 0.6905. We note the 13 count and divergence of the RSI on the 240 minute chart and would allow for a small rebound to 0.7040/0.7090 ahead of further losses. Risks are on the downside longer term and we target the 0.6774 2004 low.
Further resistance is offered by the 55 day ma at 0.7178. Key near term resistance lies at 0.7381/85, the October high and the 38.2% retracement and the 0.7395 200 day ma. While capped here the market will remain directly offered."