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AUD/USD faces key resistance around 0.7900 – Commerzbank

Occasional upticks in AUD/USD should find near term resistance in the 0.7900 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

AUD/USD is side lined above Fibo support and the recent low at 0.7633/25. The corrective rebound has been fairly tepid so far to leave these supports still exposed. Failure here targets the 2016-2017 uptrend line at .7472”.

“Key near term resistance remains mid October high at .7896 – its stays immediately negative below here. Initial resistance is the near term downtrend at .7728”.

“Above the .8162 May 2015 peak lies the .8295 January 2015 high”.

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