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14 Feb 2013
Forex Flash: AUD/USD remains directly offered, targeting 1.0149 - Commerzbank
Having reached cloud resistance on the 240 minute chart at 1.0365, the AUD/USD is expected to fail here and sell off to the 1.0237 23rd October 2012 low. "It continues to hold below the accelerated downtrend at 1.0368 and as a consequence should remain directly offered", wrote analyst Karen Jones, targeting short term the 1.0149 October 2012 low. "Our longer term target is .9783, the 2011-2012 support line and then 0.9404 the 2009 peak", added the Commerzbank analyst.
Above 1.0368, rallies should remain capped by 1.0455/75 (30th Jan high and 55 day MA) "and while capped here attention will remain on the downside", she continued, as Commerzbank analysts look for a slide back to 1.0000 to unfold, "then the base of an 20 month converging range, this is currently located at .9783 (long term target)".
Above 1.0368, rallies should remain capped by 1.0455/75 (30th Jan high and 55 day MA) "and while capped here attention will remain on the downside", she continued, as Commerzbank analysts look for a slide back to 1.0000 to unfold, "then the base of an 20 month converging range, this is currently located at .9783 (long term target)".