Wednesday, March 10, 2010

AUD/USD targets 0.9230/58 region near-term - Commerzbank



AUD/USD targets 0.9230/58 region near-term - Commerzbank

Australian Dollar has resumed uptrend after pulling back to 0.9055 low on Tuesday, and the pair has bounced up to 91.70 area, targeting 0.9230/58 region on the near-term, according to Karen Jones, technical analyst at Commerzbank.

On the upside, Jones observes the Aussie targeting 0.9196 and 0.9230: "AUD/USD has reverted its attention to the 0.9196 Dec. 11 high and the 78.6% Fibonacci retracement at 0.9230. Further up is the .9258 November-to-March resistance line and the important .9330 resistance area."

On the downside, Jones warns about minor corrections to 0.8992/70: "Minor corrections back to .8992/71 (50% Fibonacci retracement of the November-to-February decline, breached January-to-February resistance line and 55 day moving average), although now unlikely, cannot completely be ruled out for this week."

AUD/USD (Mar 10 at 15:16 GMT)

0.9172/76 (0.36%)

H 0.9175 L 0.9128

S3S2S1R1R2R3
0.91060.91290.91520.91660.91890.9212
[?]Trend Index[?]OB/OS Index
Strongly BullishNeutral
Data updated on Mar 10 at 15:08 (15-minute timeframe)

[ View AUD/USD Technical Studies ]This article taken by FxStreet.com

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