FXstreet.com (Barcelona) - Commerzbank analysts suspect the AUD/USD will rise past the Sept-26 high (1.0377) and possibly 1.0523 (78.6% retracement of the sell off seen so far) after last week's small erosion of 1.0390 (50% retracement). “We ideally look for rallies to fail here and targets remain 1.0096/1.01 then 0.9975 (50% and 61.8% retracement)”, wrote analyst Karen Jones, pointing to current corrective strength with key resistance at 1.0624/25 (September high and the top of a large converging range). “A break below the 1.0257 support line is needed to re-target the 1.1049 recent low”, Jones added.
Forex Flash: AUD/USD with corrective strength - Commerzbank
Mon, Oct 22 2012, 09:14 GMT | FXstreet.com
AUD/USD May 21 at 21:33 GMT
0.9803/06 (0.02%)
H0.9810 L 0.9799
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Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
