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22 Oct 2013
Flash: AUD/USD has the 200 day moving average at .9758 in focus - Commerzbank
FXstreet.com (Athens) – Karen Jones Head Technical Analyst of Commerzbank, mentions that the AUD/USD’s focus remains the 200 day moving average at .9753 around which recent upside momentum should diminish.
Key Quotes
“Please note that just ahead of here lies the 50% retracement at 0.9715 (of the move seen this year). While we would anticipate that this will hold the initial test, the current Elliott wave counts are suggesting that we then look for an extension of the upmove towards 0.9920, the 61.8% retracement of the same move.”
“Here we also find the 55 and 200 week moving averages at .9910/25 and here we expect to see failure. Immediate upside bias is maintained above the .9527 6 week uptrend.”
Key Quotes
“Please note that just ahead of here lies the 50% retracement at 0.9715 (of the move seen this year). While we would anticipate that this will hold the initial test, the current Elliott wave counts are suggesting that we then look for an extension of the upmove towards 0.9920, the 61.8% retracement of the same move.”
“Here we also find the 55 and 200 week moving averages at .9910/25 and here we expect to see failure. Immediate upside bias is maintained above the .9527 6 week uptrend.”