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AUD/USD could face some weakness near-term – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Aussie dollar could see a pullback in the short-term following the recent strong upside, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

    Key Quotes

    AUD/USD has seen a strong recovery off the 23.6% retracement support at .7479 and has started to erode .7680 (18th March high)”.

    “We have not managed to close above here and the new high has not been confirmed by the daily RSI suggesting some near term weakness ahead of further gains”.

    “A close above .7680 will trigger gains to .7850 (38.2% retracement of move down from 2014) and the .8030/50 target engage (base measurement)”.
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