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28 Nov 2014
ADXY bounces off the current November low at 113.76 – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, notes that the JP Morgan Asia Dollar Index slipped to 113.76 level, near August 2013 low, and is likely to stabilise above it for a few days.
Key Quotes
“The JP Morgan Asia Dollar Index slipped through the March low at 114.16 and so far dropped to a November low at 113.76, close to the August 2013 low at 113.58. Above the 113.76 level it is likely to at least stabilise for a few days.”
“Below the 113.58 level lies the April 2009 high at 113.29 and the 38.2% Fibonacci retracement of the 2009-11 rise at 112.91.”
“Resistance at the March low at 114.16 is currently being tested with further resistance being found much further up around the October low at 114.67. While remaining below this level, medium term downside pressure should be maintained.”
“Expect to see consolidation, probably over the next couple of weeks or so.”
Key Quotes
“The JP Morgan Asia Dollar Index slipped through the March low at 114.16 and so far dropped to a November low at 113.76, close to the August 2013 low at 113.58. Above the 113.76 level it is likely to at least stabilise for a few days.”
“Below the 113.58 level lies the April 2009 high at 113.29 and the 38.2% Fibonacci retracement of the 2009-11 rise at 112.91.”
“Resistance at the March low at 114.16 is currently being tested with further resistance being found much further up around the October low at 114.67. While remaining below this level, medium term downside pressure should be maintained.”
“Expect to see consolidation, probably over the next couple of weeks or so.”