11 Jan 2019
Karen Jones, analyst at Commerzbank, suggests that the AUD/USD pair is likely to consolidate near-term after it eroded the 55 day ma at .7183.
“Dips lower will find minor support at .7100/.7065. The market targets the September and early November highs at .7302/14 and the 200 day ma at .7330, where it is expected to struggle.”
“It continues to recover near term following last week’s spike down into 9 year lows. This price action was exhaustive – the market charted a hammer (reversal). We have a TD perfected setup on the daily chart and a 13 count on the weekly chart. This suggests the end of the down move for now.”
Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.