Karen Jones, analyst at Commerzbank, suggests that AUD/USD is showing signs of recovery well ahead of 0.6735.
“For any notable sustained recovery to be seen the market will need to overcome the 2019 downtrend line at .6889. This resistance is reinforced by the 200 day ma at .6919 (this is starting to look exposed). Initial support offered by the .6724 October 16 low ahead of the .6671 October low.”
“We suspect that this will again hold for further ranging. Above the 200 day ma targets .7076, the mid- July high. The 2013- 2019 downtrend lies at .7186.”
“Failure at .6671 on a closing basis targets the .6548 February 1999 high. We note TD support on the weekly chart at .6535 also.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.