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3 Feb 2015
AUD/USD: Whats below base of fourth month channel? - CB
FXStreet (Guatemala) - Chief analyst at Commerzbank, Karen Jones, explained that AUD/USD has eroded its 0.7780 200 month moving average and the Gann retracement at 0.7704 (2/3rd retracement).
Key Quotes:
"Heading to the base of its 4 month down channel is 0.7602 - it is possible that will see this hold the initial test for a small rebound."
"Below here we have very little apart from the 0.7335, 50% retracement of the move up from 2001."
"Initial resistance is 0.7832 then 0.8034 (7th Jan low). Key resistance is the
0.8142 downtrend...A close above here is needed to alleviate the bearish pressure."
Key Quotes:
"Heading to the base of its 4 month down channel is 0.7602 - it is possible that will see this hold the initial test for a small rebound."
"Below here we have very little apart from the 0.7335, 50% retracement of the move up from 2001."
"Initial resistance is 0.7832 then 0.8034 (7th Jan low). Key resistance is the
0.8142 downtrend...A close above here is needed to alleviate the bearish pressure."