21 Mar 2014
AUD/USD holds support line at 0.8982 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has recently reversed from tough resistance circa 0.9132/45.
Key Quotes
“This was the March high, the 2013-2014 resistance line and the 200 day moving average. It has so far sold off towards the support line at 0.8982 and there is another support line at 0.8944 (these are now exposed) and we suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and we look for rallies to find resistance at 0.9075/0.9100 and be contained by the 200 day ma at 0.9145.”
Key Quotes
“This was the March high, the 2013-2014 resistance line and the 200 day moving average. It has so far sold off towards the support line at 0.8982 and there is another support line at 0.8944 (these are now exposed) and we suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and we look for rallies to find resistance at 0.9075/0.9100 and be contained by the 200 day ma at 0.9145.”