AUD/USD: The 55-DMA at 0.7715 remains exposed – Commerzbank

The AUD/USD pair takes rounds to 0.7830 after bouncing from the 55-day moving average at 0.7715. However, the latter remains exposed, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

“AUD/USD is managing a small bounce from its 55-day ma at 0.7715, this should remain fairly tepid as the market charted a key week reversal last week.” 

“Below the 55-day ma at 0.7715 and Fridays low at 0.7690 should trigger losses to the 0.7564 February low.” 

“Below 0.7564 will trigger a slide to 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”

“Intraday Elliott wave counts are implying that rallies to the 0.7840 region are likely to fail.”