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."
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
| S3 | S2 | S1 | R1 | R2 | R3 |
| 0.9106 | 0.9129 | 0.9152 | 0.9166 | 0.9189 | 0.9212 |
| [?]Trend Index | [?]OB/OS Index |
| Strongly Bullish | Neutral |
| Data updated on Mar 10 at 15:08 (15-minute timeframe) | |
