AUD/USD faces further consolidation ahead of potential gains – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted AUD/USD could move into a consolidative phase before a potential test of the 0.7413 level.

Key Quotes

“AUD/USD last week tested and held below the .7345 mid-September high and looks set to consolidate just below here ahead of a move to the early September peak at .7413. This guards the long term Fibonacci retracements at .7574 and .7639.”

“Initial support is offered by the 55 day moving average at .7187 and the 20 day ma at .7167. Intraday Elliott wave counts are suggesting that dips will hold in this vicinity.”