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The US Dollar is under pressure on Tuesday and the AUD/USD pair continues to rebound from the 0.7600 area. The Aussie was last seen trading 0.7726, up 0.27% on the day, and the next resistance is seen at 0.7762, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“AUD/USD continues to bounce from the 55-day ma at 0.7605 and the 2020-2021 support line at 0.7619 this week. It is currently heading for the 0.7762 resistance line and the 0.7820 January high, a close above here will be bullish. Above the market, we have TD resistance at 0.7925 which, if reached is likely to hold the initial test.” 

“The 0.7925 level is seen as the barrier to the 2018 peak at 0.8135.”

“Below 0.7560 (last week’s low)will trigger a slide to 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”