AUD/USD now targets 0.7980 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair could attempt a test of the 0.7980 region.

Key Quotes

“AUD/USD stabilized slightly above the three month support line at .7806 as expected. It now targets the .7980/91 July 20 and August 4 highs around which it is likely to stall again”.

“Below the .7808/06 current August low and support line lies good support at .7748/39. It is where the February and March highs meet the 55 day moving average”.

“Above the .8065 level the .8162/66 May 2015 peak and 50% retracement can be seen. Above there lies the .8295 January 2015 high”.