AUD/USD could test accelerated uptrend at .7878 - Commerzbank

Omkar Godbole FXStreet Contributor

Commerzbank Analyst Karen Jones says a failure at 0.80 levels and the bearish RSI divergence could send AUD/USD back to ascending trendline support of 0.7878.

Key quotes

AUD/USD has reached the .7998/.8000 78.6% retracement, the new high has been accompanied by a divergence of the daily RSI and we would allow for a move lower very near term.

Dips lower will find initial support offered by the accelerated uptrend at .7878.

While above here it remains immediately bid and above .8000 lies the .8061 200 month moving average. This is considered to be the last defence for the .8125 September high.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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