AUD/USD door open for a test of 0.7720 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, sees the likeliness of the pair to re-test the 0.7720 area.

Key Quotes

“AUD/USD remains bid in its range and looks set to challenge the top of it converging range, which is currently located at .7720, it continues to look bid. It has recently rallied from the 2016 uptrend, currently located at .7446. The rebound has scope to retest the 0.77 region and the 5 month downtrend. This will ideally hold the topside and provoke failure. Initial support is now offered by the 55 day ma at 0.7587”.

“A close above .7721/35 would introduce scope to the .7836 April high”.

“Directly below the market lies the 200 day ma and the 2016 support line at .7446/15. This remains a critical break down point to the .7146 May low”.

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