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28 Mar 2014
AUD/USD potential for profit taking above 0.93 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes traders could cash up recent gains above 0.9330.
Key Quotes
“Very near term we have a 13 count on the 240 minute AUD/USD chart, a TD perfected set up on the daily chart, and the top of the channel at .9332 and the Fibonacci retracement at .9338.”
“This is tough resistance and we suspect that we will see profit taking here and would exit longs looking for a retracement”.
“Above .9338, the 61.8% retracement targets the .9370 55 week ma and introduces scope to .9448, the November high”.
Key Quotes
“Very near term we have a 13 count on the 240 minute AUD/USD chart, a TD perfected set up on the daily chart, and the top of the channel at .9332 and the Fibonacci retracement at .9338.”
“This is tough resistance and we suspect that we will see profit taking here and would exit longs looking for a retracement”.
“Above .9338, the 61.8% retracement targets the .9370 55 week ma and introduces scope to .9448, the November high”.