AUD/USD: strong resistance seen at .8124/62 - Commerzbank

According to Axel Rudolph, Senior Analyst at Commerzbank, the AUD/USD pair is likely to confront tough resistance near the 0.8124/62 region, albeit remain positive until the 2016-2017 uptrend line at .7512 is broken.

Key quotes:

“AUD/USD practically reached the .8124 September 2017 high above which lies the May 2015 high at .8162. In this vicinity the current advance is likely to stall this week.”

“The currency pair remains immediately bid above while trading above its accelerated uptrend line at .8006.”

“The accelerated uptrend at .8006 guards the January 9&10 lows at .7809 and this in turn guards the 200 day moving average at .7732.”