AUD/USD faces key resistance around 0.7900 – Commerzbank

Pablo Piovano FXStreet

Occasional upticks in AUD/USD should find near term resistance in the 0.7900 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD is side lined above Fibo support and the recent low at 0.7633/25. The corrective rebound has been fairly tepid so far to leave these supports still exposed. Failure here targets the 2016-2017 uptrend line at .7472”.

“Key near term resistance remains mid October high at .7896 – its stays immediately negative below here. Initial resistance is the near term downtrend at .7728”.

“Above the .8162 May 2015 peak lies the .8295 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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