AUD/USD room for a test of 0.7875 – Commerzbank

AUD/USD could attempt a visit to the 0.7875 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD is seeing a small rebound just ahead of .7682, the previous 2016-2017 resistance line and the 200 day ma at .7679. The market has eroded the .7808 August low and we would allow for a deeper rally to .7875, the 4 th October high, and .7930 the 50% retracement where it should again fail. Failure at .7679 would call into question the longer term base and target the .7625 55 week ma and the .7444 2016-2017 uptrend”.

“Above .8162/66 lies the .8295 January 2015 high”.

“The cross has broken higher from a large triangle formation that targets eventually .8715 (one year + target). This still remains viable while above .7682”.