In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar could now extend the rally towards the 0.800 handle and beyond vs. the greenback.
“AUD/USD has eroded the top of its converging range and surged higher. AUD/USD eroded its initial key resistance at the .7836/50 the 2016 high and Fibo. The break above here targets the .8018 200 week ma and then the .8162/66 May 2015 peak and 50 % retracement. Please note there is a 13 count on the daily and we will wait to buy the dips”.
“The market has broken higher from a large triangle formation that targets eventually .8715 (one year + target)”.
“The chart is now positive above .7573 July 7 th low. This guards the Bottom of the range at 0.7362”.
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