Flash: AUD/USD has potential to test 0.9765, tougher task past this point - JPMorgan

FXstreet.com (Barcelona) - There seems to be some further AUD/USD gains to be made, if one is to follow the latest technical analysis sent to clients by JP Morgan FX Strategists, who believe the bullish extension above 0.9500/30 resistance provides additional upside for a closer test of the 0.9665/0.9765 zone. So far, the post-NFP high has been 0.9727.

JPM Strategists added: "Note this 0.9665/0.9765 zone represents the June peak, the 50% retracement from April and the 200-day moving average and should be where some pause develops. Still, while the 0.9390/0.9280 support levels hold, the short term risks should remain bullish. Violations would question the bullish potential while shifting the focus back to the .9130/.9070 zone."