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20 Mar 2014
AUD/USD rejected by the 200 day ma at 0.9151 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has reversed from tough resistance circa 0.9132/48.
Key Quotes
“This is the March high, the 2013-2014 resistance line and the 200 day moving average. It has so far sold off to the 20 day ma at 0.9012 below here lies the support line at 0.8973 and again at 0.8940 and we suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and this lessens the risk of a potential inverse head and shoulders pattern (this was our bias anyway given that patterns do not out way trendlines).”
Key Quotes
“This is the March high, the 2013-2014 resistance line and the 200 day moving average. It has so far sold off to the 20 day ma at 0.9012 below here lies the support line at 0.8973 and again at 0.8940 and we suspect we will need prices below here to bring back any real selling interest.”
“The sell off was quite emphatic and this lessens the risk of a potential inverse head and shoulders pattern (this was our bias anyway given that patterns do not out way trendlines).”