AUD/USD extra upside lies above 0.7916 – Commerzbank

In opinion of Axel Rudolph, Senior Analyst at Commerzbank, a daily close above 0.7916 could re-ignite upside pressures to the 0.7957 level.

Key Quotes

“AUD/USD is still flirting with the 55 day moving average at .7892. A rise above yesterday’s high at .7916 on a daily chart closing basis would re-assert upside pressure to the .7957 January 23 low and also the .7988 middle of February high. This will remain the case while the cross trades above its current March low at .7714”.

“Initial support can be seen along the 200 day moving average at .7803 and also at the .7759 February 9 low. Failure at the .7714 through would trigger a slide to the 2016-2018 uptrend line at .7594”.

“The February high at .7988 guards key resistance at .8124/62. It consists of the September 2017 high, the May 2015 high and the long term 50% Fibonacci retracement of the move down from 2014”.