Forex Flash: AUD/USD to re-challenge and cap at 1.0600/24 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts consider the AUDUSD capable of re-challenging resistance at 1.0600/24 (August and September highs), tough overhead resistance, "and failure here would once again allow for slippage to the 1.0410 3 month uptrend near term", wrote analyst Karen Jones, pointing then to the test of the 1.0375 (55 week ma) and the 1.0345 December low. "To really undermine the chart failure here is required", she continued.

"Currently while the market remains under pinned by its 1.0375 55 week moving average, an upside bias will persist. Should 1.0624 be eroded the next resistance is the 1.0857 2012 high", Jones added, expecting the market to remain capped by 1.0624 in the medium term (1-3 months) and for a slide back to 1.0000 to unfold.