AUD/USD could see a test of 0.7760 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the Aussie dollar could visit the 0.7760 area vs. the greenback.

Key Quotes

“AUD/USD’s correction lower halted at the 23.6% retracement of the last leg higher at .7415 recovered, we notice the 13 count on the daily chart and some caution is necessary”.

“However while above here the longer term base measurement extends to .7760. Above .7760 would allow for an extension to the .7850 38.2% retracement”.