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5 Feb 2015

AUD/USD holding the base of a channel at .7602/.7597 – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical outlook for AUD/USD, expecting the pair to hold the base of the 2 year channel at 0.7597 in the shorter-term.

Key Quotes

“No change AUD/USD has halted just ahead of the base of the 2013-2015 down channel at 0.7597 – this is holding currently for a small rebound.”

“We note the divergence of the RSI. Initial resistance is .8034 (7th Jan low). Key resistance is the .8118 downtrend. A close above here is needed to alleviate the bearish pressure.”

“Below .7597 we have very little apart from the .7335, 50% retracement of the move up from 2001.”

“Support at .7720 guards the .7627 recent low.”

“Current Position: Holding tiny longs .7750. Recommended Trade: stops .7720.”

“Shorter term (1-3 weeks): holding the base of the 2 year channel at .7597”

“Medium term (1-3 months): Has reached the base of the 2 year channel at .7597. Below here target .7183 long term Fibo.”
Feb 5, 2015

GBP/USD regains 1.5200, BOE Meeting in focus

GBP/USD edged higher in the early European morning, extending gains for the third straight session as traders now focus on the Bank of England (BOE) meeting on rate decision due later today.
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Feb 5, 2015

Euro’s 2-day rally halted on Greek concerns – TradeTheNews

The TradeTheNews Team notes that the ongoing political transition in Greece, accompanied by ECB’s decision to restrict cash access to Greek banks halted the 2-day rally of euro.
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