The AUD/USD pair is showing its strength after eroding the 55-day moving average at 0.7711. In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the aussie should see further gains.
Initial support is seen at 0.7585
“AUD/USD has eroded the near-term downtrend and the 55-day ma at 0.7711, and at this stage, we can only assume scope to 0.7849, the mid-March high.”
“The aussie will need to overcome 0.7849, the March 18 high for recovery to the end of February high at 0.8007.”
“Initial support lies at 0.7585 and key support remains the 0.7564 February lowand 0.7533 April low.”
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