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4 Mar 2013
Forex Flash: AUD/USD potential upside ahead – Danske Bank
The Aussie dollar is consolidating its losses below the psychological mark at 1.0200 on Monday, after tepid results from the domestic economy and the Chinese economy.
A.Lohman Rasmussen, Chief Analyst at Danske Bank, comments, “Scope remains for an extension lower in the near term, but bulls are expected to re-assert within a strong confluence of support in the 1.0149/0.9969 zone. The suspected wave C off the 10 January 1.0599 high is starting to look extended and a flat 200-Day MA implies a lack of downwards momentum, adding weight to the view that a reversal higher will soon occur”.
The expert adds that if the cross clears 1.0375 would open the way to 1.0475 ahead of 1.0599/1.0625
A.Lohman Rasmussen, Chief Analyst at Danske Bank, comments, “Scope remains for an extension lower in the near term, but bulls are expected to re-assert within a strong confluence of support in the 1.0149/0.9969 zone. The suspected wave C off the 10 January 1.0599 high is starting to look extended and a flat 200-Day MA implies a lack of downwards momentum, adding weight to the view that a reversal higher will soon occur”.
The expert adds that if the cross clears 1.0375 would open the way to 1.0475 ahead of 1.0599/1.0625