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27 Nov 2013
Flash: AUD/USD initial target Fibo support at 0.9043 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has seen another strong down session, which has left the market on track for .9043, the 78.6% Fibonacci retracement of the move up from August.
Key Quotes
“This is the last defence for the .8848 August low and .8750, the base of a 2 year down channel. We would allow .9043/00 to hold the initial test.”
“We note the divergence of the RSI on the 240 minute chart. Intraday charts are still suggesting that the market remains capable of rallies towards .9195/.9260 ahead of another leg lower.”
Key Quotes
“This is the last defence for the .8848 August low and .8750, the base of a 2 year down channel. We would allow .9043/00 to hold the initial test.”
“We note the divergence of the RSI on the 240 minute chart. Intraday charts are still suggesting that the market remains capable of rallies towards .9195/.9260 ahead of another leg lower.”