Back
9 Apr 2013
Forex Flash: AUD/USD resistance remains tough at 1.0520 – Commerzbank
FXstreet.com (Barcelona) - The Aussie dollar is regaining the upper end of the intraday range in the vicinity of 1.0480 on Tuesday, as generalized upside momentum in the risk appetite continues to benefit the high-beta currencies.
After the cross dipped to the area of 1.0355, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “The market has seen a small rebound off here, but this is viewed as corrective only - last week the market saw repeated failure at the 78.6% Fibonacci retracement at 1.0495, this together with the 2011-2013 at 1.0520 continues to act as tough resistance directly above the market. We look for further losses”.
After the cross dipped to the area of 1.0355, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “The market has seen a small rebound off here, but this is viewed as corrective only - last week the market saw repeated failure at the 78.6% Fibonacci retracement at 1.0495, this together with the 2011-2013 at 1.0520 continues to act as tough resistance directly above the market. We look for further losses”.