AUD/USD should find support at 0.7637/0.7600 – Commerzbank

In light of the recent price action in spot, Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not rule out a test of the 0.7637/0.7600 band.

Key Quotes

“AUD/USD’s bounce higher faltered ahead of the 20 and 200 day moving averages at .7783/.7807. Despite the previous days key day reversal it did not do enough to restore the up move and while capped by the .7807 200 day ma, we cannot rule out a retest the 78.6% retracement at .7637 and the 2016-2018 uptrend line at .7600. There it is expected to find support”.

“Above the 200 day ma would imply a rally to the .7888 short term channel top”.

“The February high at .7988 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”.