AUD/USD to lurch higher towards the resistance line at 0.7616 – Commerzbank

AUD/USD has advanced beyond 0.7500 and closes in on the multi-month highs it set at 0.7548 last week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to surpass the 200-day moving average (DMA) at 0.7562 to challenge the 0.7616 mark.

Attention is again on the 200-DMA

“AUD/USD is bid near-term and capable of retesting the 200-DMA at 0.7562.”

“Near-term risks are shifting to the topside and above the 200-DMA lies the seven-month resistance line lies at 0.7616 and we will need to regain this zone for further upside impetus.”

“Dips should find interim support at 0.7427 the 4th August high and 0.7387 (20-day ma) and this guards the 29th September low at 0.7171.”