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1 Apr 2015
AUD/USD targets 0.7335 longer-term – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, believes that AUD/USD has based in the short term but still targets lower levels in the longer-term.
Key Quotes
“AUD/USD’s decline from its March high at .7938 is taking it back towards the March low at .7562 and the two month support line at .7523 which we would expect to hold the initial test. Below it lies the 61.8% Fibonacci retracement of the move up from 2001 at .8184.”
“Good resistance comes in between the February high at .7912 and March high at .7938. A daily close above the .8034 early January low is needed to alleviate downside pressure.”
“Medium term (1-3 months): Has short term based but still targets .7335 longer term and eventually a long term Fibonacci level at .7183.”
Key Quotes
“AUD/USD’s decline from its March high at .7938 is taking it back towards the March low at .7562 and the two month support line at .7523 which we would expect to hold the initial test. Below it lies the 61.8% Fibonacci retracement of the move up from 2001 at .8184.”
“Good resistance comes in between the February high at .7912 and March high at .7938. A daily close above the .8034 early January low is needed to alleviate downside pressure.”
“Medium term (1-3 months): Has short term based but still targets .7335 longer term and eventually a long term Fibonacci level at .7183.”