13 Feb 2014
Flash: AUD/USD has reversed ahead of its initial target - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has reversed just ahead of its initial upside target of 0.9079/86, the January high and 38.2% retracement of the move down from the end of October.
Key Quotes
“We expected to see profit taking here but the sell off has been quite vicious and we suspect this may be the end of the move higher. Nonetheless we note that the intraday Elliott wave count is suggesting a rebound intraday from 0.8910/0.8845 and above 0.9086 will introduce scope to the 200 day ma at 0.9235, but would then expect to see failure.”
“Support at 0.8825 (December low) guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We expected to see profit taking here but the sell off has been quite vicious and we suspect this may be the end of the move higher. Nonetheless we note that the intraday Elliott wave count is suggesting a rebound intraday from 0.8910/0.8845 and above 0.9086 will introduce scope to the 200 day ma at 0.9235, but would then expect to see failure.”
“Support at 0.8825 (December low) guards key support at 0.8689/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”