AUD/USD set to climb above the 0.80 mark – Commerzbank
|AUD/USD is struggling to clear two-month highs at 0.7819/49. However, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is upbeat on the aussie and expects the pair to surge above the 0.80 level.
Uptrend at 0.7675 to underpin the aussie
“AUD/USD is attempting to erode the recent highs at 0.7815/49, it has not quite managed to clear this zone and will need a second close above here to confirm the break.”
“For now, we will maintain a positive bias and allow for gains to the end of February high at 0.8007.”
“Longer term, the 0.8135 2018 high is in play. The 200-month ma lies at 0.8263.”
“Dips are indicated to remain shallow and the market should remain underpinned by the 0.7675 support line. Trendline support protects the 0.7533 April low.”
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.