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4 Jun 2013
Flash: AUD/USD is correcting higher very near term - Commerzbank
FXstreet.com (London) - Research teams and FX analysts at Commerzbank said that AUD/USD is correcting higher very near term.
It is not clear to them yet how far the corrective rally will go but we note the small base on the 240 minute chart has completed 0.9700-0.9528 and this offers a small target to 0.9872 and we will make this together with the 38.2% retracement at .9930 our upside corrective ‘zone’.
They say that the cloud resistance on the 240 minute chart has been eroded, and should now offer support at 0.9640. Adding that the market has recently fallen into 19 month lows and beyond a small rebound we look for another leg lower to 0.9404/0.9388, the inter-year pivot and our medium term downside target.
It is not clear to them yet how far the corrective rally will go but we note the small base on the 240 minute chart has completed 0.9700-0.9528 and this offers a small target to 0.9872 and we will make this together with the 38.2% retracement at .9930 our upside corrective ‘zone’.
They say that the cloud resistance on the 240 minute chart has been eroded, and should now offer support at 0.9640. Adding that the market has recently fallen into 19 month lows and beyond a small rebound we look for another leg lower to 0.9404/0.9388, the inter-year pivot and our medium term downside target.