18 Nov 2013
Flash: AUD/USD bounces off key support at .9283/73 - Commerzbank
FXstreet.com (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD is once again bouncing off support at 0.9283/73 (38.2% Fibonacci retracement and late September/November lows) and tries to revisit the 55 day ma at 0.9417.
Key Quotes
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliott wave a-b-c correction but this is a less favoured scenario.”
“While capped by the 0.9417 55 day ma we will consider that AUD/USD remains directly offered.”
“Below 0.9273 targets the 61.8% Fibonacci retracement of the move up from August at 0.9196 and then 0.9034, the 78.6% Fibonacci retracement of the same move.”
Key Quotes
“Note that we are unable to rule out the October-to-November decline as being nothing more than an Elliott wave a-b-c correction but this is a less favoured scenario.”
“While capped by the 0.9417 55 day ma we will consider that AUD/USD remains directly offered.”
“Below 0.9273 targets the 61.8% Fibonacci retracement of the move up from August at 0.9196 and then 0.9034, the 78.6% Fibonacci retracement of the same move.”