AUD/USD should find support at 0.7637/0.7600 – Commerzbank

Pablo Piovano FXStreet

In light of the recent price action in spot, Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not rule out a test of the 0.7637/0.7600 band.

Key Quotes

“AUD/USD’s bounce higher faltered ahead of the 20 and 200 day moving averages at .7783/.7807. Despite the previous days key day reversal it did not do enough to restore the up move and while capped by the .7807 200 day ma, we cannot rule out a retest the 78.6% retracement at .7637 and the 2016-2018 uptrend line at .7600. There it is expected to find support”.

“Above the 200 day ma would imply a rally to the .7888 short term channel top”.

“The February high at .7988 guards key resistance at .8124/62. It consists of the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014”.

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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