AUD/USD constructive above 0.7748/41 – Commerzbank

The Aussie Dollar remains bullish in the longer term as long as it trades above 0.7748/41 band.

Key Quotes

“AUD/USD has seen a strong rebound from the re-drawn the trendine it is located at .7955. Directly overhead lies the .8162/66 May 2015 peak and 50% retracement. The intraday Elliott wave signals are conflicting. Below the uptrend and .7940 (low on 18th ) lies the .7808 current August low, which guards good support at .7748/41. It is where the February and March highs are located and while above here the market will remain bid longer term. However the trendline remains vulnerable at this stage and for now we will head to the sidelines”.

“Above .8162/66 lies the .8295 January 2015 high”.

“The cross has broken higher from a large triangle formation that targets eventually .8715 (one year + target)”.