AUD/USD upside appears capped at 0.7145/80 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s upside could face strong resistance around 0.7145/80.

    Key Quotes

    AUD/USD last week tested the 55 day ma at .7145 which continues to cap, and we look for the market to fail here. The 2014-2016 downtrend lies at .7180 and reinforces resistance here”.

    “A move back below the .7017 November low should be enough to trigger further weakness”.

    “Longer term the risks are on the downside and we target the .6774 2004 low. Nearby support at .6920 guards the .6828/29 recent lows”.
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