AUD/USD to consolidate after hitting medium-term targets at 0.7574/0.7639 – Commerzbank

The AUD/USD pair has reached long-term Fibonacci levels at 0.7574/0.7639 and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to see some consolidation at this point.

Key quotes

“AUD/USD has reached the long-term Fibonacci retracements at 0.7574 and 0.7639, these were our medium-term targets, we would allow for some near-term profit taking here, we have 13 counts on the intraday charts and this adds weight to this view. These are the break points longer-term for the 2018 peak at 0.8135. We suspect that the market may see some consolidate here near-term.” 

“The aussie stays immediately bid near-term while above the accelerated uptrend at 0.7450 and the 20-day ma at 0.7402. Below here we have 0.7255, the November 19 low, and the 55-day moving average at 0.7252.”