AUD/USD upside corrective persists – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside corrective bias in the pair remains unchanged.

Key Quotes

“AUD/USD has met its initial corrective target but upside corrective strength remains and the market appears to be heading for a challenge of its 3 month downtrend at .7680. Between current levels and the 200 day ma at .7753, we look for failure and a slide back to the .7474 recent low. Below .7474 will target the .7413 recent low. Below here lies the May 2017 lows at .7373/.7330. Longer term we look for a move to the 2001-2018 uptrend line at .7156”.

“Above the .7643/.7700 will target the .7813 April high”.