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4 May 2015
AUD/USD: key technical levels - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the current technical conditions surrounding AUD/USD.
Key Quotes:
"AUD/USD has reached key resistance, namely the 0.8068 2010 low but this has provoked initial failure and the market has reacted back to the near term support line at 0.7787."
"Failure here will trigger a slide to the 55 day ma at 0.7752 and the market will need to close below here to signal the resumption of the down move. Currently the Elliott wave counts are implying that the market will stabilise down here and reattempt the topside."
"A close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak. For now having only just been stopped out of our shorts we will attempt to resell."
Key Quotes:
"AUD/USD has reached key resistance, namely the 0.8068 2010 low but this has provoked initial failure and the market has reacted back to the near term support line at 0.7787."
"Failure here will trigger a slide to the 55 day ma at 0.7752 and the market will need to close below here to signal the resumption of the down move. Currently the Elliott wave counts are implying that the market will stabilise down here and reattempt the topside."
"A close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak. For now having only just been stopped out of our shorts we will attempt to resell."