AUD/USD below 0.7865 should target 0.7773 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could test 0.7773 if 0.7865 is cleared.

Key Quotes

“AUD/USD is easing back following last weeks failure at the 61.8% retracement at 0.7991. A slide back below .7865 should be enough to alleviate immediate upside pressure and re-target the 200 day ma at .7773”.

“Only below .7743 (61.8% retracement) will target .7637/78.6% retracement and the .7568 2016-2018 uptrend”.

“We continue to view the recent high at 0.8135 as an interim top. Key resistance lies at .8124/62 (the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014). Only a close above the .8162 level will introduce scope to .8295 the January 2015 high”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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