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10 Mar 2014
Flash: AUD/USD fails below the 200 day moving average at 0.9169 - Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Senior Technical Analyst at Commerzbank notes that last week AUD/USD came close to the 200 day moving average and the 2013-2014 resistance line at 0.9169 where we suspect the current up move will falter.
Key Quotes
“As an aside it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but as patterns do not outweigh downtrends, we look for a move to the long term resistance line only for now.”
“First, though, the area around the 0.9004 3rd of January high should be revisited. Minor support below it comes in around the mid-December peak at 0.8991.”
Key Quotes
“As an aside it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but as patterns do not outweigh downtrends, we look for a move to the long term resistance line only for now.”
“First, though, the area around the 0.9004 3rd of January high should be revisited. Minor support below it comes in around the mid-December peak at 0.8991.”