AUD/USD points to some consolidation – Commerzbank

The latest price action around the Aussie Dollar hints at the likelihood of some consolidation vs. the US Dollar in the near term, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD has reached the 55 week moving average at .7631. We note the 13 counts on the 240 minute chart and suspect that we may see some near term consolidation. Failure here targets the 2016-2017 uptrend line at .7458. Rallies will find initial resistance at the 200 day ma at .7694 and the 20 day ma at .7797”.

“Key near term resistance remains last week’s high at .7896 – its stays immediately negative below here”.

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