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27 Mar 2014
AUD/USD 200 day ma eroded and upside pressure maintained - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has cleared tough resistance circa 0.9132/68 (the March high, the 2013-2014 resistance line, the 200 day moving average and the December high) and this has opened the way to higher prices.
Key Quotes
“This break higher implies a deeper rally to 0.9338, the 61.8% retracement and 0.9370 the 55 week ma introduces scope to 0.9448, the November high. The Elliott wave count on the 240 minute chart is implying an initial target of 0.9275.”
“Dips need to break the support line at 0.9015 in order to alleviate upside pressure and while above here will remain bid. Support ahead of here lies at 0.9140/05.”
Key Quotes
“This break higher implies a deeper rally to 0.9338, the 61.8% retracement and 0.9370 the 55 week ma introduces scope to 0.9448, the November high. The Elliott wave count on the 240 minute chart is implying an initial target of 0.9275.”
“Dips need to break the support line at 0.9015 in order to alleviate upside pressure and while above here will remain bid. Support ahead of here lies at 0.9140/05.”