28 May 2014
AUD/USD offered below 0.9304 – Commerzbank
FXStreet (Edinburgh) - bearish as long as it trades below 0.9304.
Key Quotes
“AUD/USD has seen a very minor rebound from the .9203 recent low, however we suspect this near term strength may already be complete”.
“A close below .9203 will confirm that view and trigger losses to the .9155 then .9060 levels”.
“Rallies are likely to now remain capped by the 20 day ma at .9304 and while below here remains offered”.
“Above here would suggest another run up towards the .9390 resistance line and the current May high at .9409, where we would again prepare for failure”.
Key Quotes
“AUD/USD has seen a very minor rebound from the .9203 recent low, however we suspect this near term strength may already be complete”.
“A close below .9203 will confirm that view and trigger losses to the .9155 then .9060 levels”.
“Rallies are likely to now remain capped by the 20 day ma at .9304 and while below here remains offered”.
“Above here would suggest another run up towards the .9390 resistance line and the current May high at .9409, where we would again prepare for failure”.