AUD/USD to suffer a retracement in the near-term – Commerzbank

FXStreet Insights Team FXStreet

AUD/USD’s rally has reached the 55-week ma at 0.7516, an interim target. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expect the aussie to correct lower in the short-term.

AUD/USD to see some profit taking around the 0.7516/0.7565 region

“AUD/USD’s rally has reached the 55-week ma at 0.7516, above here lies the 200-day ma 0.7565. We would expect to see some profit taking in this vicinity and have already covered long positions.”

“Very near-term we would allow for a small retracement.”

“The seven-month resistance line lies at 0.7625.”

“Dips should find interim support at 0.7427 the 4th August high and 0.7338 (20-day ma) and this guards the 29th September low at 0.7171.”

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FXStreet Insights Team

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