AUD/USD set to climb above the 0.80 mark – Commerzbank

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AUD/USD is struggling to clear two-month highs at 0.7819/49. However, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is upbeat on the aussie and expects the pair to surge above the 0.80 level.

Uptrend at 0.7675 to underpin the aussie

“AUD/USD is attempting to erode the recent highs at 0.7815/49, it has not quite managed to clear this zone and will need a second close above here to confirm the break.” 

“For now, we will maintain a positive bias and allow for gains to the end of February high at 0.8007.” 

“Longer term, the 0.8135 2018 high is in play. The 200-month ma lies at 0.8263.” 

“Dips are indicated to remain shallow and the market should remain underpinned by the 0.7675 support line. Trendline support protects the 0.7533 April low.”

 

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