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30 Apr 2013
Forex: AUD/USD retreats from highs
FXstreet.com (Barcelona) - The Aussie dollar quickly climbed to the proximity of 1.0390 on Tuesday, lifted by the bout of risk appetite that hit the markets and pushed both the high-beta currencies and the risk-associated assets to fresh highs.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “is probing the 1.0359/60 38.2% retracement, ideally this will hold, however the intraday charts are giving conflicting signals and we remain unable t rule out an extension to the 200 day ma and next Fibo at 1.0397/1.0402”.
At the moment, the cross is up 0.18% at 1.0368 with the next resistance at 1.0375 (MA21d) followed by 1.0399 (high Apr.16) and then 1.0402 950% of Apr. decline).
On the downside, a break below 1.0347 (MA55d) would open the door to 1.0347 (hourly lows Apr.29/30) and finally 1.0297 (MA10d).
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “is probing the 1.0359/60 38.2% retracement, ideally this will hold, however the intraday charts are giving conflicting signals and we remain unable t rule out an extension to the 200 day ma and next Fibo at 1.0397/1.0402”.
At the moment, the cross is up 0.18% at 1.0368 with the next resistance at 1.0375 (MA21d) followed by 1.0399 (high Apr.16) and then 1.0402 950% of Apr. decline).
On the downside, a break below 1.0347 (MA55d) would open the door to 1.0347 (hourly lows Apr.29/30) and finally 1.0297 (MA10d).