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Old 29-01-2014, 14:24
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Default Re: Market news and trade recommendations by FBS

Commerzbank on AUD/USD

Commerzbank says AUD/USD visit $0.8870 (20-day MA) before resuming decline.

Analysts say that the pair has reached its interim target at $0.8710/.8671 (the base of the channel in 2011-2014 and the 38.2% retracement of the advance from 2001 to 2011) and is correcting higher.

After visiting $0.8870 AUD/USD will continue its descent to the next target at $.8550 (50% retracement of the move from 2008) and then to $.8068 and $0.7950/25. The outlook for Aussie will remain negative as long as itís trading below the resistance line at $0.8957.

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