AUD/USD stays under pressure – Commerzbank

The Aussie Dollar remains under pressure after testing the 0.7800 neighbourhood, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD remains under pressure. It has reached its initial target, namely the .7808 August low, which guards good support at .7748/41. This is where the February and March highs are located. Given the 13 count on the 60 minute chart, we would be inclined to tighten stops/exit remaining shorts. Below .7740 there is scope for .7686, the previous 2016-2017 resistance line. Rallies should remain capped by the 20 day ma at .7969”.

“The cross has broken higher from a large triangle formation that targets eventually .8715 (one year + target). This still remains viable while above .7685”.