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19 Feb 2014
Flash: AUD/USD stalling at the 0.9079/86 resistance - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD no change, the market is stalling at 0.9079/86, the January high and 38.2% retracement of the move down from the end of October.
Key Quotes
“We note the TD perfected set up on the daily chart and suspect that the market will ease lower towards 0.8922/0.8892, the 55 and 20 day ma).”
“Above 0.9086 would introduce scope to the 200 day ma at 0.9216, but would then expect to see failure. In this vicinity we also find the 0.9257 2013-2014 resistance line and we look for this to hold and provoke failure.”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”
Key Quotes
“We note the TD perfected set up on the daily chart and suspect that the market will ease lower towards 0.8922/0.8892, the 55 and 20 day ma).”
“Above 0.9086 would introduce scope to the 200 day ma at 0.9216, but would then expect to see failure. In this vicinity we also find the 0.9257 2013-2014 resistance line and we look for this to hold and provoke failure.”
“We have minor support 0.8910/07, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low).”