AUD/USD stays offered below 0.7959 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair should remain offered while below 0.7959.

Key Quotes

“AUD/USD again recovered off the 200 day ma at .7766. It has reached the 50% retracement at .7947 and we would expect to see it falter here. While below the 20 day ma at .7959, the market will remain directly offered. Below .7743 (61.8% retracement) will target .7637/78.6% retracement and the .7568 2016-2018 uptrend”.

“We continue to view the recent high at 0.8135 as an interim top. Key resistance lies at .8124/62 (the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014)”.

“Only a close above the .8162 level will introduce scope to .8295 the January 2015 high”.

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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