AUD/USD focus remains on 0.7563/45 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair keeps the attention on the 0.7563/45 band.

Key Quotes

“AUD/USD failed last week just ahead of tougher resistance offered by the .7736/.7850 zone. It 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 still look for the market to fail here. Intraday rallies are likely to terminate at circa .7675”.

“Attention remains on the three month support line and 55 day ma at .7563/45. Failure there would put the July lows, the 200 day ma and the 2016 support line at .7421/.7370 on the map”.