AUD/USD points to 0.8018 – Commerzbank

Pablo Piovano FXStreet

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.

Key Quotes

“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”.

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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