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In light of the recent price action, AUD/USD could now move into a consolidative phase, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“AUD/USD has taken out all nearby resistance levels and but the daily RSI has not yet confirmed the break higher. We would allow for some near term consolidation and today will just stand aside. Beyond some consolidation we look for a move to the long term Fibonacci retracements at .7574 and .7639. These are the break points longer term for the 2018 peak at .8135.”

“Initial support is offered by.7332 the 20 day ma ahead of .7255, the November 19 low, and the 55 day moving average at .7203.”