AUD/USD: Break below 0.7619 to trigger a slide to the 0.7564 February low – Commerzbank

AUD/USD failed to maintain a minor breach of the range high at 0.7837 and now Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is closely watching the 0.7619 mark.

Key quotes

“AUD/USD last week failed to maintain a minor breach of initial resistance offered by the 3rd March high at 0.7837. It is struggling and our attention is on support – it is underpinned near-term by the 38.2% retracement of the move up from November at 0.7619. This guards the 0.7564 February low.” 

“The aussie will need to overcome 0.7837 on a closing basis for signs of further recovery. This guards the end of February high at 0.8007. 

“Above 0.8007 is the 2018 peak at 0.8135.”