The Aussie Dollar still remains poised for a test of the 0.7693/7712 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“AUD/USD yesterdays sell off makes us question if this is a base, we ideally would like to see a close above .7645, last weeks high to confirm upside potential near term. We continue to favour a deeper corrective rebound towards the 200 day ma at .7693 and the 55 day ma at .7722”.
“The market reversed recently just ahead of strong support – namely the 2016-2017 uptrend line and double Fibonacci retracement at .7500- .7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017)”.
“The recent intermediate high on 2 nd November at .7729 will need to be overcome to alleviate immediate downside pressure to a trigger a retracement to .7828/.7886”.
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 securities. 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 Forex 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.