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20 Aug 2015
AUD/USD well supported around 0.7235/18 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair well supported in the 0.7235/18 area for the time being.
Key Quotes
“AUD/USD has started to erode its downtrend, which today is located at .7358. This was not exactly dynamic and we will need to see a close above the downtrend to confirm the break”.
“A close above here would allow for recovery to the .7448 July 21 high and the .7500 55 day moving average”.
“Major support below the .7235 July and .7218 current August lows can be seen between the long term 61.8% Fibonacci retracement at .7184, the 14 year support line at .7178 and the base of the two year channel at .7160”.
Key Quotes
“AUD/USD has started to erode its downtrend, which today is located at .7358. This was not exactly dynamic and we will need to see a close above the downtrend to confirm the break”.
“A close above here would allow for recovery to the .7448 July 21 high and the .7500 55 day moving average”.
“Major support below the .7235 July and .7218 current August lows can be seen between the long term 61.8% Fibonacci retracement at .7184, the 14 year support line at .7178 and the base of the two year channel at .7160”.