Flash: AUD/USD profit taking just ahead of Fibo support – Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has halted just ahead of its initial downside target of 0.9043, the 78.6% Fibonacci retracement of the move up from August.

Key Quotes

“We may see some profit taking here – but we are not expecting to see reversal. This is the last defense for the .8848 August low and 0.8750, the base of a 2 year down channel.”

“We would allow 0.9043/00 to hold the initial test. Intraday rallies should still remain capped by 0.9175/0.9250.”