AUD/USD still neutral below 0.7716 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the neutral stance around the pair unchanged while below 0.7716.

Key Quotes

“Last week the AUD/USD cross rallied strongly higher but it is now approaching the 61.8% retracement and recent high at .7566/89 – this guards the top of the triangle at .7716. It currently is not clear if the market has enough upside momentum to take out this resistance. While capped here, it is neutral and we note the TD perfected set up which points to initial failure”.

“Above .7589 should trigger a move to the top of the triangle at .7716”.