13 Nov 2013
Flash: AUD/USD eroding key support at 0.9303/0.9283 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has reached the 50% retracement support at 0.9303 and the 0.9283 end of September low.
Key Quotes
“These are key short term supports and are currently being eroded. Please note that the Elliott wave count is implying that the market will hold here but we would consider a close below 0.9283 enough to negate this.”
“Note we are unable to rule out this being nothing more than an ‘a-b-c correction BUT this is a less favoured scenario and while capped by the 0.9435 downtrend we will consider that the market remains directly offered.”
“Below 0.9273 targets the 0.9195 61.8% retracement of the move up from August and then 0.9043, the 78.6% retracement of the same move.”
Key Quotes
“These are key short term supports and are currently being eroded. Please note that the Elliott wave count is implying that the market will hold here but we would consider a close below 0.9283 enough to negate this.”
“Note we are unable to rule out this being nothing more than an ‘a-b-c correction BUT this is a less favoured scenario and while capped by the 0.9435 downtrend we will consider that the market remains directly offered.”
“Below 0.9273 targets the 0.9195 61.8% retracement of the move up from August and then 0.9043, the 78.6% retracement of the same move.”