Flash:AUD/USD consolidating at Fibonacci resistance at 0.9510-Commerzbank

FXstreet.com (Athens)- Karen Jones, Head Technical Analyst at Commerzbank suggests that AUD/USD eased lower on Friday and appears to be consolidating its move higher following its recent break of key resistance at 0.9388/0.9404 (2011 low and 2009 high).

Key-Quotes:

“While it is likely to consolidate here, it needs to hold over the initial Fibonacci support to remain remain bid. Failure here will imply a loss of momentum and potential for a slide back to the .9149 55 day ma.”

"Immediate resistance is the 0.9580 May 2012 low and then the 0.9665 June high and the 0.9715 50% retracement of the move down from April.”