The AUD/USD pair held above the 0.7575 2020-2021 support line and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to recover towards the 0.7925 resistance.
Key quotes
“AUD/USD has eased back to the 55-day ma at 0.7577 and the 2020- 2021 support line, which lies at 0.7575, which have so far held and will ideally provoke recovery.”
“Initial resistance lies at 0.7771 resistance line and the 0.7820 January high. 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 here will trigger a slide to 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”
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