AUD/USD upside faltered (again) at 0.7735/80 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the upside in the Aussie dollar has run out of steam in the 0.7735/80 band.

Key Quotes

“The AUD/USD continues to falter .7735/80 – this has been the scene of numerous failures since August and it has sold off to the 2016 uptrend is located at .7560 and a close below here is needed to undermine the range bound trading which has dominated the chart for the past 3 months”.

“Failure here targets the September low at .7443 and the 200 day moving average at .7506. This remains a critical break down point to the .7146 May low”.

“The top of the range is .7755/78, the August and September and recent highs. Above .7755 would introduce scope to the .7836 April high and this remains viable”.

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