AUD/USD expected to fail above 0.7800 – Commerzbank

Pablo Piovano FXStreet

Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair’s upside appears capped in the 0.7815/31 band.

Key Quotes

“AUD/USD rallied to its 200 day ma at .7815 which capped. The convergence of resistance here – the 200 day ma, the top of the channel at .7824 and the 38.2% retracement at .7831, coupled with a TD perfected set up suggests that we should see the cross fail here”.

“Key support remains the 78.6% retracement at .7637 and the 2016- 2018 uptrend line at .7628. The 61.8% Fibonacci retracement at .7744 offers initial support”.

“The March high at .7916 guards the February high at .7968 and key resistance at .8124/62. It consists of the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014”.

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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