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17 Feb 2014
Flash: Next AUD/USD target at 0.9085 - BBH
FXStreet (Bali) - The Australian dollar looks to have legs, notes Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
"Even the disappointingly weak jobs data was not able to derail the short-covering rally, spurred on by the shift in the RBA's stance from its easing bias to neutrality."
"The next upside target is near $0.9085,which corresponds to the 38.2% retracement of the drop from last October's high near $0.9760 to the recent low about 11 cents below that high and the mid-January high."
"A break of that could spur a move toward $0.9160, and possibly $0.9200, before the bears try to pick another top. The $0.8930-60 area offers support."
Key Quotes
"Even the disappointingly weak jobs data was not able to derail the short-covering rally, spurred on by the shift in the RBA's stance from its easing bias to neutrality."
"The next upside target is near $0.9085,which corresponds to the 38.2% retracement of the drop from last October's high near $0.9760 to the recent low about 11 cents below that high and the mid-January high."
"A break of that could spur a move toward $0.9160, and possibly $0.9200, before the bears try to pick another top. The $0.8930-60 area offers support."