Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a neutral to positive bias on the AUD/USD as the pair has been unable to close below the 0.7006 support. The aussie now should head towards the October 9 high of 0.7242.
“AUD/USD recently failed to close below the 0.7006 support and has now closed above the near-term downtrend twice and this has shifted our bias to neutral to positive and we have been tempted back into long positions.”
“Ideally we would like to see the market regain the 9th October high at 0.7242 as this guards the 0.7413 September high, which in turn protects long-term Fibonacci retracements at 0.7574 and 0.7639.”
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