AUD/USD upside pressure still not restored – Commerzbank

The Aussie Dollar needs to clear the 0.7530 region in order to restore the upside pressure in AUD/USD, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD’s outlook stays negative, it is approaching the 200 day ma The market has managed to erode its near term resistance line, which was enough to stop out our shorts, but not enough to restore upside pressure. In order to restore upside pressure the market will need to overcome the 200 day ma at .7529 (55 week ma lies at .7514) and while capped here, it will remain directly offered. It targets the bottom of the converging range at .7321”.

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

“Above the 200 day ma should trigger a move to the top of the triangle at .7718”.