AUD/USD room for a test of 0.7875 – Commerzbank

Pablo Piovano FXStreet

AUD/USD could attempt a visit to the 0.7875 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD is seeing a small rebound just ahead of .7682, the previous 2016-2017 resistance line and the 200 day ma at .7679. The market has eroded the .7808 August low and we would allow for a deeper rally to .7875, the 4 th October high, and .7930 the 50% retracement where it should again fail. Failure at .7679 would call into question the longer term base and target the .7625 55 week ma and the .7444 2016-2017 uptrend”.

“Above .8162/66 lies the .8295 January 2015 high”.

“The cross has broken higher from a large triangle formation that targets eventually .8715 (one year + target). This still remains viable while above .7682”.

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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