AUD/USD finds support around 0.7637/16 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should meet contention in the 0.7637/16 band ahead of a potential squeeze higher.

Key Quotes

“AUD/USD is trying to stabilise just ahead of the 78.6% retracement at .7637 and the 2016-2018 uptrend line at .7616. We look for it to find support in this vicinity and we would allow for a bounce higher. The 20 and 200 day moving averages offer initial resistance at .7740/.7811. Only a move above the 200 day ma would imply a rally to the .7856 short term channel top”.

“The February high at .7968 guards key resistance at .8124/62. It consists of the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014”.