AUD/USD expected to fail near 0.7700 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside momentum in the Aussie Dollar is seen faltering around the 0.7700 region.

Key Quotes

“AUD/USD is bid in its range but is expected to fail at the top of its converging range. No change, the market is bid in its range but is expected to fail at the top of the triangle at .7708. We look for a slide back towards the 200 day ma at .7530. Failure here (favoured) would signal a slide to the bottom of the range at .7356. Intraday rallies should start to struggle .7680/.7710”.

“Above the top of the triangle at .7708 will trigger a move higher to at least .7836/50 the 2016 high and Fibo”.