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19 May 2014
AUD/USD potential for further gains above 0.9402 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, expects the pair to climb to the 0.9460 area once 0.9402 is cleared.
Key Quotes
“Last week AUD/USD tried to break through the 2013-14 resistance line at .9402 but was rejected by it with the 61.8% Fibonacci retracement at .9338 then being retested”.
“Below it lies the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.
“Only a daily close above the current May high at .9409 will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.
Key Quotes
“Last week AUD/USD tried to break through the 2013-14 resistance line at .9402 but was rejected by it with the 61.8% Fibonacci retracement at .9338 then being retested”.
“Below it lies the .9317 April 28 high. The current May trough at .9203 is still considered to be an interim low”.
“Only a daily close above the current May high at .9409 will push the .9460 April high back to the fore and longer term put a rise towards the .9758 October 2013 high back on the map”.