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13 Apr 2015
AUD/USD: Trading on thin ice - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained and noted conditions surrounding the AUD/USD price action in a technical picture.
Key Quotes:
"AUD/USD spent much of last week correcting higher, following the divergence of the daily and weekly RSI on the move to the recent low at 0.7534."
"However the market has been rejected by the 55 day ma at 0.7746 and is back under pressure this morning. Below 0.7534 lies the two month support line at 0.7503."
"Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the 0.7369 July 2005 low. Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at .7180 could also be reached."
Key Quotes:
"AUD/USD spent much of last week correcting higher, following the divergence of the daily and weekly RSI on the move to the recent low at 0.7534."
"However the market has been rejected by the 55 day ma at 0.7746 and is back under pressure this morning. Below 0.7534 lies the two month support line at 0.7503."
"Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the 0.7369 July 2005 low. Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at .7180 could also be reached."