AUD/USD neutral near-term – Commerzbank

AUD/USD keeps the neutral bias in the short-term, suggested Senior Technical Analyst at Commerzbank Axel Rudolph.

Key Quotes

“The currency pair has been rejected by the .7740/78 resistance area as expected. It is made up of the February as well as November 8 th highs. It is currently sliding back towards the .7632 March 7 high and the 2017 support line at .7553”.

“Should a rise as well as daily chart close above the .7778 level be seen, the April 2016 high at .7836 would be in focus”.

“The market remains capped by the .7778/.7850 2016 highs and the 38.2% retracement, but it is possible that it is base building”.