AUD/USD support should appear at 0.7573 – Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, potential pullbacks in AUD/USD should find support around 0.7570.
Key Quotes
“The currency pair was last week rejected by the .7740/78 resistance area (the February as well as November 8 th highs) and there is scope for further slippage to the 2017 support line at .7573. The intraday Elliott wave counts are conflicting but we suspect that the .7573 support line will hold”.
“Should a rise as well as daily chart close above the .7778 level be seen, the April 2016 high at .7836 would be in focus. The market remains capped by the .7778/.7850 2016 highs and the 38.2% retracement, but it is possible that it is base building”.
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.