AUD/USD to suffer a potential drop towards the 0.7340 November 9 high – Commerzbank

FXStreet Team FXStreet

Regarding the AUD/USD pair, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is awaiting a close below the 20-day moving average at 0.7687 to see a deeper correction towards the 0.7340 November 9 high.

Key quotes

“AUD/USD has recently eroded its 20-day ma at 0.7687, but no close below here has been seen. We suspect that near-term rallies will struggle around 0.7750.53, which will leave it vulnerable to deeper losses to the 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”

“Above 0.7836 (2016 high) we have a Tom DeMark 13 count on the weekly chart and the TD resistance at 0.7925 and there is scope for this to be reached, however, we suspect that this will then hold the initial test. The 0.7925 level is seen as the barrier to the 2018 peak at 0.8135.”

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