AUD/USD now looks to 0.7316 – Commerzbank

Pablo Piovano FXStreet

The recovery in the pair could extend beyond 0.7300 the figure, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD is bid very near term. We would allow for recovery towards the 55 day ma at .7316 and we will need a close above here, and preferably above the 2018 channel at .7371, to confirm a short term reversal and target .7474 9 th July high on the way to the 200 day ma at .7596”.

“We note that the market has recently eroded the May and December 2016 lows at .7161/46. However the break lower has not been sustained and we suspect a false break lower”.

“Below the .7085 recent September low should be enough to open up the path to .6827 the 2016 low”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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