AUD/USD risks a potential pullback near-term – UOB

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes AUD/USD risks a probable correction lower in the near-term.

Key Quotes

“AUD/USD continues to falter on its initial test of the .7413 September high, there is some divergence of the daily RSI and we would allow for a near term pullback. We also have a 13 count on the 240 minute chart AND TD resistance at .7410/20. This suggests we may well hold the initial test of the early September peak at .7413 and we are alert to some profit taking there. It guards the long term Fibonacci retracements at .7574 and .7639.”

“Initial support is offered by .7255, the November 19 low, and the 55 day moving average at .7198.”