AUD/USD positive above 0.7748/41 – Commerzbank

The positive stance around the Aussie Dollar is expected to stay unchanged above the 0.7748/41 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD is holding over the 3 month uptrend at 0.7896 (redrawn), intraday Elliott wave counts imply that the market will struggle to make further headway. Below the uptrend lies the .7808 current August low, which guards good support at .7748/41. It is where the February and March highs are located and while above here the market will remain bid”.

“Longer term our focus is on the .7980/91 July 20 and August 4 highs and this guards the .8065 recent high. Above the .8065 level the .8162/66 May 2015 peak and 50% retracement can be seen. Above there lies the .8295 January 2015 high”.