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11 Dec 2013
Flash: AUD/USD upside corrective - Commerzbank
FXstreet.com (London) - Karen Jones, Head of Technical Analysis at Commerzbank notes that she continues to allow for a corrective rebound in AUD/USD.
Key Quotes:
“Last week the market saw a divergence of the daily RSI and on Friday charted a key day reversal. Both factors imply a reluctance to sustain a break below psychological support at .9000 at this juncture.”
“The Elliot wave count is suggesting there is scope for a rebound to .9200, .9265. Provided that the topside is capped by the .9217 resistance line and .9265 we will maintain a negative bias.”
“We target the .8848 August low and .8745, the base of a 2 year down channel.”
Key Quotes:
“Last week the market saw a divergence of the daily RSI and on Friday charted a key day reversal. Both factors imply a reluctance to sustain a break below psychological support at .9000 at this juncture.”
“The Elliot wave count is suggesting there is scope for a rebound to .9200, .9265. Provided that the topside is capped by the .9217 resistance line and .9265 we will maintain a negative bias.”
“We target the .8848 August low and .8745, the base of a 2 year down channel.”