AUD/USD expected to fail in the 0.7812/31 – Commerzbank
|In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair is seen struggling in the 0.7812/31 band.
Key Quotes
“AUD/USD rallied to its 200 day ma at .7817 which capped. The convergence of resistance here – the 200 day ma, the top of the channel at .7812 and the 38.2% retracement at .7831, coupled with a TD perfected set up, suggests that we should see the cross fail here”.
“Key support remains the 78.6% retracement at .7637 and the 2016- 2018 uptrend line at .7628. The 61.8% Fibonacci retracement at .7744 offers initial support”.
“The March high at .7916 guards the February high at .7968 and key resistance at .8124/62. It consists of the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.