AUD/USD could rebound to 0.7630/0.7700 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar could extend the rebound to the 0.7630/0.7700 band.

Key Quotes

“AUD/USD has recently based at .7413 and has eroded the 38.2% retracement at .7568. This has completed a small base and we would allow for a deeper corrective phase to .7630/.7700. The March low is at .7643”.

“Below .7413 lie the next lower May 2017 lows at .7373/.7330. Longer term we look for a move to the 2001-2018 uptrend line at .7156”.