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22 May 2014
AUD/USD carving a potential top? – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the AUD/USD would remain offered below the 0.9310 level.
Key Quotes
“AUD/USD has sold off towards the .9203 recent low, while this has held the initial test, the market is increasingly viewed as a potential top. A close below here will confirm that view and trigger losses to the .9155 then .9060 levels”.
“Rallies are likely to now remain capped by the 20 day ma at .9310 and while below here remains offered. Above here would suggest another run up towards the .9395 resistance line and the current May high at .9409, where we would again prepare for failure”.
Key Quotes
“AUD/USD has sold off towards the .9203 recent low, while this has held the initial test, the market is increasingly viewed as a potential top. A close below here will confirm that view and trigger losses to the .9155 then .9060 levels”.
“Rallies are likely to now remain capped by the 20 day ma at .9310 and while below here remains offered. Above here would suggest another run up towards the .9395 resistance line and the current May high at .9409, where we would again prepare for failure”.