AUD/USD neutral below 0.7718 – Commerzbank

The stance on AUD/USD stays neutral while capped by 0.7718, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The market has maintained upside pressure and is approaching the 61.8% retracement and top of the cloud at .7584/89 – this guards the top of the triangle at .7718. It currently is not clear if the market has enough upside momentum to take out this resistance. While capped here, it is neutral”.

“Longer term outlook is neutral in the converging range: It is side lined within the .7321-.7718 limits”.