Back
31 Mar 2014
AUD/USD sees some profit taking – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of Technical Analysis at Commerzbank notes that on Friday, AUD/USD had a 13 count on the 240 minute chart, a TD perfected set up on the daily chart, and the top of the channel lies at 0.9340 and the Fibonacci retracement at 0.9338.
Key Quotes
“This was tough resistance to deal with and the market is seeing some profit taking. Intraday rallies should ideally terminate circa 0.9260.”
“Above 0.9338/40, the 61.8% retracement and channel, targets the 0.9348 55 week ma and introduces scope to 0.9448, the November high.”
“Dips need to break the support line at 0.9031 in order to alleviate upside pressure and while above here, the market will remain bid. Support ahead of here lies at 0.9145/05.”
Key Quotes
“This was tough resistance to deal with and the market is seeing some profit taking. Intraday rallies should ideally terminate circa 0.9260.”
“Above 0.9338/40, the 61.8% retracement and channel, targets the 0.9348 55 week ma and introduces scope to 0.9448, the November high.”
“Dips need to break the support line at 0.9031 in order to alleviate upside pressure and while above here, the market will remain bid. Support ahead of here lies at 0.9145/05.”