AUD/USD could see a retest of 0.7700 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the Aussie dollar could extend the rebound to the 0.77 region.

Key Quotes

“AUD/USD is seeing recovery from the 2016 uptrend, currently located at .7429. The rebound has gained some traction and has reached the 55 day ma at .7580. The market appears to be in no hurry to break lower at this point. Directly below the market lies the 200 day ma and the 2016 support line at .7429/04. This remains a critical break down point to the .7146 May low”.

“The intraday Elliott wave count has turned more positive and there is scope to retest the 0.77 region”.