11 Feb 2016
AUD/USD bearish below 0.7017 – Commerzbank
The pair could see its decline accelerated after a close below 0.7017, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD has seen a small rebound, this has yet to maintain a break of the 55 day ma at .7134 and we note the TD perfected set up on the 240 minute chart, this suggests that the move to .7150 was probably it for the topside”.
“We need a close below the .7017 low charted in November in order to reassert downside pressure”.
“Longer term the risks are on the downside and we target the .6774 2004 low. Nearby support at .6920 guards the .6828/29 recent lows”.
Key Quotes
“AUD/USD has seen a small rebound, this has yet to maintain a break of the 55 day ma at .7134 and we note the TD perfected set up on the 240 minute chart, this suggests that the move to .7150 was probably it for the topside”.
“We need a close below the .7017 low charted in November in order to reassert downside pressure”.
“Longer term the risks are on the downside and we target the .6774 2004 low. Nearby support at .6920 guards the .6828/29 recent lows”.