Karen Jones, analyst at Commerzbank, points out that the AUD/USD pair is recovering from a 2 month uptrend at .7078.
Key Quotes
“We favour the topside but it does face tough resistance – namely .7207 (end of February high) and the .7211 200 day ma and it is possible that we will see this hold the initial test. Dips lower will find initial support at the .7078 uptrend.”
“Price action in January was exhaustive – the market charted a hammer (reversal). This suggests the down move ended at .6738. Above .7295 will target the .7394 December high. Dips should find initial support at .7067/57 (20th March low) ahead of the current March low at .7004.”
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