AUD/USD to rebound strongly towards the 0.7439 mark – Commerzbank

AUD/USD is correcting higher as trades above 0.72. However, while below the 55-day moving average at 0.7439, the pair maintains a negative bias, as reported by Commerzbank.

See: AUD/USD to look out for green shots above the 0.7053/0.6991 area – DBS Bank

Allow for losses to the 50% retracement of the 2020-2021 move at 0.6760

“AUD/USD is seeing a pretty strong rebound from just ahead of its initial downside target at 0.7054/0.6991, these represent the September and November 2020 lows.”

“The accelerated downtrend is found at 0.7320 ahead of the 0.7427 4th August high but while capped by the 55-day ma at 0.7439, a negative bias will be maintained.”

“Below 0.6991 would trigger losses to the 50% retracement of the 2020-2021 move at  0.6760.”