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AUD/USD upside corrective near term – Commerzbank

The Aussie Dollar remains upside corrective for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

AUD/USD charted an interim low last week and is upside corrective near term. It is bouncing from the May 2017 lows at .7373/.7330. Rallies are indicated to be likely to head to .7570 and slightly longer term we look for a move to the 2001-2018 uptrend line at .7156. Initial resistance lies at .7477 the 30th May low. This guards resistance offered by the downtrend at .7622″.

“Above the downtrend lies the 200 day ma at .7718. Only above here will target the .7813 April high”.

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