Forex: AUD/USD extending gains above 200-day MA

ramonramirez

Trader
Apr 19, 2012
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Forex: AUD/USD extending gains above 200-day MA

The AUD/USD has been threatening of losing the 200-day MA handle since early April, and though it’s been trading below the moving average this since Monday.

“The market remains on the defensive following last weeks failure at the 1.0468/38.2% retracement of the move seen from February and we look for the support to be eroded shortly”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 1.0385 and key at 1.0468.

EMU’s confidence report at 09:00 GMT could trigger some risk on/off move affecting the AUD/USD.