AUD/USD: was that test of 3-month uptrend at 0.7965 significant? - Commerzbank

Noting the recent test lower, analysts at Commerzbank explained that AUD/USD has started to erode the 3-month uptrend at 0.7965.

Key Quotes:

"The market should start to ease lower."

"Directly overhead lies the 0.8162/66 May 2015 peak and 50% retracement."

"Below the uptrend lies the 0.7808 current August low, which guards good support at 0.7748/41...It is where the February and March highs are located and while above here the market will remain bid longer term."