AUD/USD upside corrective near term – Commerzbank

The Aussie Dollar remains upside corrective for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD charted an interim low last week and is upside corrective near term. It is bouncing from the May 2017 lows at .7373/.7330. Rallies are indicated to be likely to head to .7570 and slightly longer term we look for a move to the 2001-2018 uptrend line at .7156. Initial resistance lies at .7477 the 30th May low. This guards resistance offered by the downtrend at .7622”.

“Above the downtrend lies the 200 day ma at .7718. Only above here will target the .7813 April high”.