Forex Flash: AUD/USD further weakness remains in store for the days to come - Commerzbank

FXstreet.com (Barcelona) - The AUD/USD reached 1.0414 (61.8% Fibonacci retracement of this year’s decline), being rejected and falling to 1.0333 earlier today. “Further weakness remains in store for the days to come with the one month support line at 1.0292 being eyed this week”, wrote analyst Karen Jones. “Our longer term outlook remains negative with the 2011-2013 support line at 0.9817 remaining in the picture and then the 0.9404 2009 peak”, she added.

In regard to the longer term, the chart pattern is increasingly viewed as a longer term top: “Should the 61.8% Fibonacci retracement of this year’s decline at 1.0414 unexpectedly be exceeded, the early February and end of January highs at 1.0457/75 could also be reached but, together with the 78.6% Fibonacci retracement at 1.0495 should then cap, however”, Jones concluded.