The Aussie is eroding the 2012-2020 downtrend at 0.6932 and the next level to watch is the 0.7031 December 2019 high, according to Commerzbank’s Karen Jones. UOB are now focused on marks above 0.70 too.
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Key quotes of Commerzbank
“AUD/USD remains extremely bid and has started to erode the 0.6891/0.6932 2012-2020 resistance line, where it is likely to see some consolidation. This guards the 0.7031 December 2019 high, and beyond here lies the 55-month ma at 0.7290.
“Initial support is now the 200-day ma at 0.6658.”
“Key support offered by the 20-day ma at 0.6592 and the base of the near-term channel at 0.06510 maintain an upside bias.”
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