AUD/USD targets the September 0.7413 high – Commerzbank

The AUD/USD pair has again held at the 0.7345 mid-September high. The technical set up points higher and the aussie will target the September high at 0.7413 on a break above the mentioned 0.7345 barrier, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“AUD/USD has again held at the 0.7345 mid-September high and further consolidation below here looks likely – above here will target the early September peak at 0.7413. This guards the long-term Fibonacci retracements at 0.7574 and 0.7639.” 

“My MACD indicator is positive and so are the Elliott wave counts both suggest that we will break higher.” 

“Initial support is offered by the 55-day moving average at 0.7187 and the 20-day ma at 0.7182. Intraday Elliott wave counts are suggesting that dips will hold in this vicinity.”