AUD/USD a test of 0.7693/7712 still favoured – Commerzbank
The Aussie Dollar still remains poised for a test of the 0.7693/7712 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“AUD/USD yesterdays sell off makes us question if this is a base, we ideally would like to see a close above .7645, last weeks high to confirm upside potential near term. We continue to favour a deeper corrective rebound towards the 200 day ma at .7693 and the 55 day ma at .7722”.
“The market reversed recently just ahead of strong support – namely the 2016-2017 uptrend line and double Fibonacci retracement at .7500- .7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017)”.
“The recent intermediate high on 2 nd November at .7729 will need to be overcome to alleviate immediate downside pressure to a trigger a retracement to .7828/.7886”.