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18 Mar 2015
AUD/USD developing falling wedge pattern - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted how AUD/USD held sideways leaving their outlook unchanged.
Key Quotes:
"Last week the market charted a marginal new low for the year (and new 5 year low) that was not confirmed by the RSI. It is possible that the pattern developing is a potential falling wedge reversal pattern, but only a close above the downtrend at 0.7777 will confirm the pattern."
"Failure again here will leave the downtrend still intact and the market capable of sliding to the base of the 2 year down channel at 0.7528, which we would expect to see this hold the initial test. Below 0.7528 targets then 0.7183, 61.8% retracement of the move up from 2001."
"Above the downtrend (0.7812) would introduce scope to the 0.8034 7th January low. A close above 0.8035 is needed to alleviate downside pressure."
Key Quotes:
"Last week the market charted a marginal new low for the year (and new 5 year low) that was not confirmed by the RSI. It is possible that the pattern developing is a potential falling wedge reversal pattern, but only a close above the downtrend at 0.7777 will confirm the pattern."
"Failure again here will leave the downtrend still intact and the market capable of sliding to the base of the 2 year down channel at 0.7528, which we would expect to see this hold the initial test. Below 0.7528 targets then 0.7183, 61.8% retracement of the move up from 2001."
"Above the downtrend (0.7812) would introduce scope to the 0.8034 7th January low. A close above 0.8035 is needed to alleviate downside pressure."