17 Mar 2017
AUD/USD near term outlook stays neutral – Commerzbank
In opinion of Karen Jones, Head of Technical Analysis at Commerzbank, the prospect for AUD/USD remains neutral in the short term.
Key Quotes
“The market shot up to its current March high at .7718 before giving back some of its recent gains. We nonetheless view the current March low at .7492 as a near term base and would allow for gains to the .7778 8th November high to be seen once the February high at .7740 has been exceeded”.
“The market remains capped by the .7778/.7850 2016 highs and the 38.2% retracement, but it is possible that it is base building”.