Commerzbank’s technical view on the Australian dollar

AUD / USD still runs the risk of continuing correction, while the 0.7980 / 91 area is extinguishing growth attempts, Axel Rudolf, senior technical analyst at Commerzbank, suggested. “AUD / USD again failed a little below the recent high, when last week it unfolded at 0.7963, not reaching the July 20 high at 0.7991. While this peak in the 0.7980 / 91 area, the peak of July 20 and August 4, holds back the bulls, another attempt at a decline is not ruled out. With a fall below 0.7814/08, the current August low and the support line, we have another good support at 0.7769 / 41. This is where we find the highs in February and March, which also correspond to the 55-day moving average.
In the case of a break above 0.8065, you will see a test of 0.8162 / 66, a peak set in May 2015, and a 50% correction level. At the top lies the maximum of 0.8295, reached in January 2015, “- said the expert

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