3 Mar 2016
AUD/USD upside could struggle around 0.7390 – Commerzbank
In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in Aussie dollar could struggle around 0.7390.
Key Quotes
“AUD/USD continues to witness a strong rebound from the 2 month uptrend at .7130 today, we have eroded the 200 day ma at .7256 and although we continue to see no real upside scope at this point, we acknowledge that this recovery could extend towards the .7331 8 month resistance line and even to 55 week moving average at .7391, but we look for the market to struggle here and fail”.
Key Quotes
“AUD/USD continues to witness a strong rebound from the 2 month uptrend at .7130 today, we have eroded the 200 day ma at .7256 and although we continue to see no real upside scope at this point, we acknowledge that this recovery could extend towards the .7331 8 month resistance line and even to 55 week moving average at .7391, but we look for the market to struggle here and fail”.