Back
18 Apr 2013
Forex Flash: AUD/USD offered below 1.0397/1.0422 – Commerzbank
FXstreet.com (Barcelona) - Renewed selling interest in the risk-associated assets is dragging the Aussie dollar below the key support at 1.0300 at the end of the trading session on Thursday.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has executed ‘a return to point of break out’ i.e retested the previous channel. This together with the 200 day ma offers resistance at 1.0397/1.0422. While capped here the market will remain directly offered”.
The expert expects a pullback to 1.0204/16 ahead of 1.0116. If the selling pressure persists, then the target would be 0.9840/27.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has executed ‘a return to point of break out’ i.e retested the previous channel. This together with the 200 day ma offers resistance at 1.0397/1.0422. While capped here the market will remain directly offered”.
The expert expects a pullback to 1.0204/16 ahead of 1.0116. If the selling pressure persists, then the target would be 0.9840/27.