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Karen Jones, Analyst at Commerzbank, suggests that the AUD/USD pair has at last recovered from its previous channel and 55 day ma, located at .7177/84 and while the market is underpinned here, they will look for a retest of the .7330/36 April low and recent high.

Key Quotes

“We continue to target the 200 day moving average at .7424 and the July 9 high at .7484.”

Short term trend (1-3 weeks): Break above the .7302/14 area would target the 200 day moving average.”

Long term trend (1-3 months): Break above the .7302/14 area would target the 200 day moving average.”