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AUD/USD’s strong recovery implies a deeper corrective rally may be on the cards, in the opinion of Karen Jones from Commerzbank.

Key quotes

“AUD/USD has seen a strong recovery and the possibility of a deeper retracement to 0.6450 (61.8% retracement) remains viable.”

“The market is finding some support at 0.5980 and only below here attention reverts to 0.5873 (26th March low).”

“Initial resistance is 0.6275 the 50% retracement.”