AUD/USD: should falter below the 0.7896 mid-October high - Commerzbank

According to Axel Rudolph, Senior Analyst at Commerzbank, the AUD/USD pair's ongoing bullish momentum is likely to fail ahead of mid-Oct. highs and confront stiff resistance near the 200-week MA region.

Key quotes:

“AUD/USD is poised to encounter the 200 week ma at .7860 and we note the TD perfected set up on the daily chart and the 13 count on the 240 minute chart. We look for initial failure below the .7896 mid-October high.”

“The market is bid above the 200 and 55 day ma at .7700/.7663. These guard strong support – namely the 2016-2018 uptrend line and double Fibonacci retracement at .7526/.7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017).”