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The recovery in the pair could extend beyond 0.7300 the figure, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

AUD/USD is bid very near term. We would allow for recovery towards the 55 day ma at .7316 and we will need a close above here, and preferably above the 2018 channel at .7371, to confirm a short term reversal and target .7474 9 th July high on the way to the 200 day ma at .7596″.

“We note that the market has recently eroded the May and December 2016 lows at .7161/46. However the break lower has not been sustained and we suspect a false break lower”.

“Below the .7085 recent September low should be enough to open up the path to .6827 the 2016 low”.