AUD/USD rallies should struggle near 0.7760 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair are likely to meet strong resistance in the vicinity of 0.7760.

Key Quotes

“AUD/USD is seeing a minor near term correction higher. Last week’s low at 0.7625 remains exposed. Failure here targets the 2016-2017 uptrend line at .7465. Rallies will find initial resistance at the 20 day ma at .7766. Intraday rallies are indicated to terminate circa .7720/50”.

“Key near term resistance remains mid October high at .7896 – its stays immediately negative below here”.

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