Back
11 Jun 2013
Flash: AUD/USD no change – Commerzbank
FXstreet.com (London) - Research teams in technical analyses said the market has reached its major area of support at 0.9404/0.9388.
AUD/USD inter-year pivot
Karen Jones, senior analyst for Commerzbank said that this is an inter-year pivot; the lows we saw in 2011 and the highs from 2009 and 2010. She explains that it is key and her team would expect to see it hold the initial test. They note divergence of the 240 minute RSI and the 13 count on the daily. She explains that, in addition, the daily RSI has once again not confirmed the new low and the risk of a near term bounce is considered high.
Intraday rallies in AUD/USD and support
She explained that intraday rallies in AUD/USD are likely to struggle 0.9628, 0.9780. The 0.9388/65 support represents a major break down point longer term. Failure here will target 0.9147 then 0.8550 en route to 0.8068, the 2010 low. She finishes by saying that the market stays directly offered below 0.9705/0.9792 (recent high).
AUD/USD inter-year pivot
Karen Jones, senior analyst for Commerzbank said that this is an inter-year pivot; the lows we saw in 2011 and the highs from 2009 and 2010. She explains that it is key and her team would expect to see it hold the initial test. They note divergence of the 240 minute RSI and the 13 count on the daily. She explains that, in addition, the daily RSI has once again not confirmed the new low and the risk of a near term bounce is considered high.
Intraday rallies in AUD/USD and support
She explained that intraday rallies in AUD/USD are likely to struggle 0.9628, 0.9780. The 0.9388/65 support represents a major break down point longer term. Failure here will target 0.9147 then 0.8550 en route to 0.8068, the 2010 low. She finishes by saying that the market stays directly offered below 0.9705/0.9792 (recent high).