AUD/USD: The 0.7896 mid-October high to offer initial resistance - Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, provides key technical levels for trading AUD/USD today.

Key Quotes:

“AUD/USD reached the 200-week ma at .7860 and we note the TD perfected set up on the daily chart and the 13 count on the 240-minute chart. We still look for initial failure below the .7896 mid-October high.”

“The market is bid above the 200 and 55-day ma at .7701/.7664. These guard strong support – namely the 2016- 2018 uptrend line and double Fibonacci retracement at .7526/.7475 (50% retracement of the move up from 2016 low AND the 78.6% retracement of the move seen from May 2017).“

“Short Term Trend (1-3 weeks): Bouncing from the 2016-2107 uptrend at .7526. Scope for .8000 region.”