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15 Mar 2013
Forex Flash: AUD/USD potential advance to 1.0475 – Commerzbank
FXstreet.com (Barcelona) - The Aussie dollar is hovering over 2-week highs above the key resistance of 1.0400 on Friday, as risk appetite continues to fuel the upside.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross followed through 1.0383 (55-day moving average) hinting at the likeliness of further upside ahead, although a close above it is needed to confirm.
“We suspect that the up move is corrective only and we note the TD perfected set up which suggests that the up move should be limited now. There is scope for further strength to 1.0414, possibly the high from the end of January at 1.0475, where would again expect failure”, concludes the expert.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the cross followed through 1.0383 (55-day moving average) hinting at the likeliness of further upside ahead, although a close above it is needed to confirm.
“We suspect that the up move is corrective only and we note the TD perfected set up which suggests that the up move should be limited now. There is scope for further strength to 1.0414, possibly the high from the end of January at 1.0475, where would again expect failure”, concludes the expert.