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23 Apr 2014
AUD/USD rallies capped at 0.9380 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the bullish attempts in AUD/USD should find resistance in the 0.9380 area.
Key Quotes
“AUD/USD has sold off sharply to the 23.6% retracement at .9272 and attention has reverted to the downside to support at .9207, the April low, and the .9170 uptrend”.
“Intraday rallies are expected to remain capped by .9380 and are likely to terminate .9320/25. The Elliott wave count on the daily is suggesting losses to .9175 then .9075”.
Key Quotes
“AUD/USD has sold off sharply to the 23.6% retracement at .9272 and attention has reverted to the downside to support at .9207, the April low, and the .9170 uptrend”.
“Intraday rallies are expected to remain capped by .9380 and are likely to terminate .9320/25. The Elliott wave count on the daily is suggesting losses to .9175 then .9075”.