AUD/USD room for a test of 0.8018 – Commerzbank

The upside momentum around the Aussie Dollar could push AUD/USD to the 0.8820 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD has eroded the top of its converging range and surged higher. AUD/USD eroded its initial key resistance at the .7836/50 the 2016 high and Fibo. The market is poised to encounter the .8018 200 week ma and then the .8162/66 May 2015 peak and 50 % retracement. Very near term there is a 13 count on the daily chart and a TD perfected set up and we would prefer to buy the dips”.

“The market has broken higher from a large triangle formation that targets eventually .8715 (one year + target)”.

“The chart is now positive above .7573 July 7 th low. This guards the Bottom of the range at 0.7362”.