The recovery in the Aussie Dollar is now eyeing the 0.7378 level, where lies the 55-day SMA, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD continues to recover and our attention is on the 55 day ma at .7378 – this is starting to look exposed, and will act as the break point to the .7439 6 month down channel. The market has recently turned higher from a long term uptrend and we look for the cross to remain underpinned by the 2001-2018 uptrend line at .7191″.
“Above the .7439 6 month down channel would see a challenge of the .7676 June high and the .7631 200 day moving average”.
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