AUD/USD now looks to 0.7378 – Commerzbank

The recovery in the Aussie Dollar is now eyeing the 0.7378 level, where lies the 55-day SMA, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD continues to recover and our attention is on the 55 day ma at .7378 – this is starting to look exposed, and will act as the break point to the .7439 6 month down channel. The market has recently turned higher from a long term uptrend and we look for the cross to remain underpinned by the 2001-2018 uptrend line at .7191”.

“Above the .7439 6 month down channel would see a challenge of the .7676 June high and the .7631 200 day moving average”.