AUD/USD support should appear at 0.7573 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, potential pullbacks in AUD/USD should find support around 0.7570.

Key Quotes

“The currency pair was last week rejected by the .7740/78 resistance area (the February as well as November 8 th highs) and there is scope for further slippage to the 2017 support line at .7573. The intraday Elliott wave counts are conflicting but we suspect that the .7573 support line will hold”.

“Should a rise as well as daily chart close above the .7778 level be seen, the April 2016 high at .7836 would be in focus. The market remains capped by the .7778/.7850 2016 highs and the 38.2% retracement, but it is possible that it is base building”.