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Attention is on trendline support at 0.7710 as the AUD/USD pair needs to hold off this level to maintain an upside bias. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to enjoy further gains towards the 0.8007 February high.

AUD/USD to retest current May high at 0.7891  

“AUD/USD sold off yesterday but remains above the uptrend, today at 0.7710, which continues to hold the downside. While it holds, we should see the market reattempt the 0.7837/91 band of resistance (recent highs), and we will need a close above here to confirm upside intent.”  

“The aussie should remain underpinned by the 0.7710 support line to maintain an upside bias. Trendline support protects the 0.7533 April low.”

“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.”

 

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