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20 May 2015
AUD/USD: Eroded the near term uptrend - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the trading conditions surrounding AUD/USD.
Key Quotes:
"AUD/USD continues to ease lower and has now eroded its near term uptrend. Near term risks are reverting to the downside and attention has reverted to the 55 day ma and 61.8% retracement at 0.7790/85; This is regarded as the break down point to the 0.75434 April low."
"Intraday rallies are now indicated to terminate circa 0.7970. This guards the 0.8160 recent high."
"Current Position: Longs from 0.8005 stopped 0.7940 Recommended Trade: Attempt shorts on rallies to 0.7945, add 0.7970, stop 0.8070."
Shorter term (1-3 weeks): Target 0.8247/95. Scope for the 55 week ma at 0.8566."
Medium term (1-3 months): Targets 0.7335 longer term (6 months+) and eventually a long term Fibonacci level at 0.7180."
Key Quotes:
"AUD/USD continues to ease lower and has now eroded its near term uptrend. Near term risks are reverting to the downside and attention has reverted to the 55 day ma and 61.8% retracement at 0.7790/85; This is regarded as the break down point to the 0.75434 April low."
"Intraday rallies are now indicated to terminate circa 0.7970. This guards the 0.8160 recent high."
"Current Position: Longs from 0.8005 stopped 0.7940 Recommended Trade: Attempt shorts on rallies to 0.7945, add 0.7970, stop 0.8070."
Shorter term (1-3 weeks): Target 0.8247/95. Scope for the 55 week ma at 0.8566."
Medium term (1-3 months): Targets 0.7335 longer term (6 months+) and eventually a long term Fibonacci level at 0.7180."