Regarding the pair AUD/USD, Karen Jones, Head of the Technical Analysis Research Team at Commerzbankif you are waiting for a close below the 20-day moving average at 0.7687 to see a deeper correction towards the November 9 high of 0.7340.
“AUD / USD has recently eroded its 20-day moving average at 0.7687, but no closing has been seen below. We suspect that short-term rallies will struggle around 0.7750 / 53, which will leave the pair vulnerable to deeper losses up to the December 21 low of 0.7463 and also towards the September high of 0.7413 and the November 9 high of 0.7340 ”.
Above 0.7836 (2016 high) we have a Tom DeMark count of 13 on the weekly chart and TD resistance at 0.7925 and there is scope to hit it, however we suspect this will hold the initial test. The level of 0.7925 looks like the barrier to hitting the 2018 ceiling at 0.813 “
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