AUD/USD sidelined above 0.7553 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair is expected to extend its rangebound patter while above 0.7553.

Key Quotes

“The market filed to sustain a minor break above tough resistance at .7700/60 – this has been the scene of numerous failures since August and has sold off to its 5 month uptrend, which has so far held. This today is located at .7576. The 2016 uptrend is located at .7553 and a close below here is needed to undermine the range bound trading which has dominated the chart for the past 3 months”.

“Failure here targets the September low at .7443 and the 200 day moving average at .7501. This remains a critical break down point to the .7146 May low”.

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