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11 Mar 2014
Flash: AUD/USD slips back towards the psychological .9000 mark - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that AUD/USD is seen coming off last week’s high at 0.9132 which was made not far below the 200 day moving average and the 2013-2014 resistance line at 0.9165/69.
Key Quotes
“The area around the 0.9004 3rd of January high should soon be revisited. Minor support below it comes in around the mid-December peak at 0.8991.”
“As an aside it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but as patterns do not outweigh downtrends, we look for a move to the long term resistance line only for now.”
Key Quotes
“The area around the 0.9004 3rd of January high should soon be revisited. Minor support below it comes in around the mid-December peak at 0.8991.”
“As an aside it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but as patterns do not outweigh downtrends, we look for a move to the long term resistance line only for now.”