9 Jul 2014
AUD/USD sell strength towards 0.9420/40 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair to fail in the area of 0.9420/40.
Key Quotes
“AUD/USD sold off to and is recovering from the 55 day ma at .9339”.
“Having severed the 2014 uptrend last week, we had assumed that rebounds would be relatively tepid – however they have been stronger than anticipated and our shorts have been stopped”.
“Nonetheless the intraday Elliott wave counts remain negative and our propensity is to sell the market again looking for failure circa .9420/40”.
“We would then allow for losses to the .9203/00 May low and 200 day ma”.
Key Quotes
“AUD/USD sold off to and is recovering from the 55 day ma at .9339”.
“Having severed the 2014 uptrend last week, we had assumed that rebounds would be relatively tepid – however they have been stronger than anticipated and our shorts have been stopped”.
“Nonetheless the intraday Elliott wave counts remain negative and our propensity is to sell the market again looking for failure circa .9420/40”.
“We would then allow for losses to the .9203/00 May low and 200 day ma”.