The AUD / USD pair has reached the high of 0.7484 from July 2018, but the daily Relative Strength Index (RSI) has not confirmed the new high. However, Karen Jones, Head of Commerzbank’s Technical Analysis Research Team, remains bullish as the Aussie trades above the 20-day moving average at 0.7366 and targets the double Fibonacci resistance at 0.7574 / 0.7639.
“AUD / USD remains extremely bidding despite the daily RSI not confirming the recent high. The Australian hit the top of 0.7484 in July 2018 and will have to close above here to go to another higher leg. “
“The pair remains immediately offered in the short term, as long as it is above the 20-day moving average at 0.7366.”
“We look for a move towards the long-term Fibonacci retracements at 0.7574 and 0.7639. These are the longer-term break points for the 2018 high at 0.8135 “.
“Below the 20-day moving average is 0.7255, the November 19 low and the 55-day moving average at 0.7226.”
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