Flash: AUD/USD key resistance at 0.9388/0.9404 eroded - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that AUD/USD has eroded key resistance, at 0.9388/0.9404 (2011 low and 2009 high) and channel resistance at 0.9436 and accelerated higher to the .9510 Fibonacci retracement.

Key Quotes

“While it is likely to consolidate here, we look for dips lower to hold over the 0.9350 accelerated uptrend and while above here it will remain bid.”

“Immediate resistance is the .9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”