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13 May 2013
Forex Flash: AUD/USD potential downside ahead – Commerzbank
FXstreet.com (Barcelona) - The selling interest surrounding the Aussie dollar is intensifying on Monday, punishing the cross throughout the session and dragging it to the current intraday lows around 0.9940.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Looking at the 60-minute chart, the market looks over-extended and we would allow for a small retracement ahead of further losses to the 0.9871/62 major support… While we would allow for this to provoke some profit taking, we would then expect to see the market break lower”.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Looking at the 60-minute chart, the market looks over-extended and we would allow for a small retracement ahead of further losses to the 0.9871/62 major support… While we would allow for this to provoke some profit taking, we would then expect to see the market break lower”.