AUD/USD attention reverted to 0.7535 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s attention has now shifted to the 0.7530 area.

Key Quotes

“AUD/USD failed last week just ahead of tougher resistance offered by the .7736/.7850 zone – this is the location of the recent high, the 38.2% retracement (of the move down from June 2014), and the 2013-2016 resistance line and we look for the market to fail here”.

“The intraday and daily Elliott wave counts all indicate that this is the end of the move and intraday rallies are likely to terminate circa .7625”.

“The market is attempting to erode .7620 (20 day ma) and we should see attention revert to 55 day ma at .7535 and the 200 day ma at .7371. The 2016 support line lies .7360”.