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5 Jun 2013
Flash: AUD/USD remains corrective – Commerzbank
FXstreet.com (London) - Analysts at Commerzbank said that in the very near term, the pair remain corrective.
Karen Jones, Chief Analysts said that it is not clear to the yet how far the corrective rally will go but the market is struggling to clear the 0.9780/0.9895 resistance (23.6% and 38.2% retracement of the move lower seen recently).
She said risks remain on the downside and they have minor support at .9585 ahead of the recent low at .9528. Adding, that the market has recently fallen into 19 month lows and beyond a small rebound we look for another leg lower to 0.9404/0.9388, the inter-year pivot and our medium term downside target.
Karen Jones, Chief Analysts said that it is not clear to the yet how far the corrective rally will go but the market is struggling to clear the 0.9780/0.9895 resistance (23.6% and 38.2% retracement of the move lower seen recently).
She said risks remain on the downside and they have minor support at .9585 ahead of the recent low at .9528. Adding, that the market has recently fallen into 19 month lows and beyond a small rebound we look for another leg lower to 0.9404/0.9388, the inter-year pivot and our medium term downside target.