AUD/USD rallies should struggle near 0.7760 – Commerzbank
In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair are likely to meet strong resistance in the vicinity of 0.7760.
“AUD/USD is seeing a minor near term correction higher. Last week’s low at 0.7625 remains exposed. Failure here targets the 2016-2017 uptrend line at .7465. Rallies will find initial resistance at the 20 day ma at .7766. Intraday rallies are indicated to terminate circa .7720/50”.
“Key near term resistance remains mid October high at .7896 – its stays immediately negative below here”.
“Above the .8162 May 2015 peak lies the .8295 January 2015 high”.