AUD/USD negative bias persists – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the negative view remains unchanged around the pair.

Key Quotes

“AUD/USD maintains a negative bias. It has at last eroded the 200 day ma at .7785 and the .7743 61.8% retracement. This targets the .7637/78.6% retracement and the .7581 2016-2018 uptrend”.

“Rallies should find the 200 day ma at .7785 now acts as resistance. Above here Initial resistance is last week’s high at .7892”.

“The Feb high at .7988/91 guards the key resistance which lies at .8124/62 (the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014)”.