AUD/USD stays offered below 0.7959 – Commerzbank

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”.

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