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16 May 2013
Forex Flash: AUD/USD - cautious of a rebound - Commerzbank
FXstreet.com (London) - Commerzbank Analyst, Karen Jones explains that the market has met initial target of 0.9871/62.
This is the location of the 200 week ma and the 2011-2013 uptrend and her team are cautious of a rebound. She note’s a TD perfected set up on the daily chart, which often warns of corrective rebounds. She expects rallies to find that the previous range lows at 1.0100/16 will offer good interim resistance and she would expect the market to remain capped by the 1.0223 short-term downtrend.
This is the location of the 200 week ma and the 2011-2013 uptrend and her team are cautious of a rebound. She note’s a TD perfected set up on the daily chart, which often warns of corrective rebounds. She expects rallies to find that the previous range lows at 1.0100/16 will offer good interim resistance and she would expect the market to remain capped by the 1.0223 short-term downtrend.