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15 Apr 2015
AUD/USD: Bearish below 55 DMA - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that the AUD/USD held steady yesterday just above the 0.7534 recent low.
Key Quotes:
"The market is capped on the topside by the 55 day ma at 0.7736 and the 2014-2015 resistance line at 0.7773. Below 0.7534 lies the two month support line at 0.7498. Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the .7369 July 2005 low."
"Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached. We will retain our bearish forecast while the February and March highs at 0.7912/38 cap on a daily chart closing basis. A daily close above the 0.8034 early January low is needed to negate medium term downside pressure (Not favoured). Initial resistance is the 2014-2015 resistance line, which is located at 0.7773."
Key Quotes:
"The market is capped on the topside by the 55 day ma at 0.7736 and the 2014-2015 resistance line at 0.7773. Below 0.7534 lies the two month support line at 0.7498. Once it has given way, the October 2006 low at 0.7416 will be in focus, followed by the .7369 July 2005 low."
"Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached. We will retain our bearish forecast while the February and March highs at 0.7912/38 cap on a daily chart closing basis. A daily close above the 0.8034 early January low is needed to negate medium term downside pressure (Not favoured). Initial resistance is the 2014-2015 resistance line, which is located at 0.7773."