Forex Flash: AUD/USD remains directly offered, targeting 1.0149 - Commerzbank

Having reached cloud resistance on the 240 minute chart at 1.0365, the AUD/USD is expected to fail here and sell off to the 1.0237 23rd October 2012 low. "It continues to hold below the accelerated downtrend at 1.0368 and as a consequence should remain directly offered", wrote analyst Karen Jones, targeting short term the 1.0149 October 2012 low. "Our longer term target is .9783, the 2011-2012 support line and then 0.9404 the 2009 peak", added the Commerzbank analyst.

Above 1.0368, rallies should remain capped by 1.0455/75 (30th Jan high and 55 day MA) "and while capped here attention will remain on the downside", she continued, as Commerzbank analysts look for a slide back to 1.0000 to unfold, "then the base of an 20 month converging range, this is currently located at .9783 (long term target)".