AUD/USD now looks to 0.8002 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar could now shift its attention to the 0.8000 area.

Key Quotes

“AUD/USD reached the .8124 September 2017 high and the May 2015 high at .8162. This is also the long term 50% Fibonacci retracement of the move down from 2014. In this vicinity the current advance is likely to stall, we continue to note the divergence of the daily RSI, this reflects a loss of upside momentum. Attention has reverted to the accelerated uptrend at .8002 and this is now exposed”.

“The accelerated uptrend at .8002 guards the January 9&10 lows at .7809 and this in turn guards the 200 day moving average at .7737”.