AUD/USD bullish above 0.7547 – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of Technical Analysis at Commerzbank, the stance on AUD/USD remains bid while above 0.7547.

Key Quotes

“The market has is under pressure in its range having again failed at the .7731 September highs, intraday Elliott wave counts are now contradictory and we revert to neutral. Above .7730/60 would introduce scope to the .7836 April high and this remains viable. It remains bid while above the five month support line at .7547”.

“Below the 5 month support line lies the 2016 uptrend line at .7526. Further down lies the September low at .7443 and the 200 day moving average at .7477. This remains a critical break down point to the .7146 May low”.

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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