AUD/USD below 0.7865 should target 0.7773 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair could test 0.7773 if 0.7865 is cleared.

Key Quotes

“AUD/USD is easing back following last weeks failure at the 61.8% retracement at 0.7991. A slide back below .7865 should be enough to alleviate immediate upside pressure and re-target the 200 day ma at .7773”.

“Only below .7743 (61.8% retracement) will target .7637/78.6% retracement and the .7568 2016-2018 uptrend”.

“We continue to view the recent high at 0.8135 as an interim top. Key resistance lies at .8124/62 (the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014). Only a close above the .8162 level will introduce scope to .8295 the January 2015 high”.