AUD/USD: Near term consolidation – Commerzbank

According to Karen Jones, analyst at Commerzbank, AUD/USD smashed through the 200 day ma and the 55 week ma (.6970) at the end of last year and they will assume that the market is well placed for further gains towards the July 2019 peak at .7077 and the 2013-2019 downtrend at .7147.

Key Quotes

“Dips lower will find initial support offered by the .6929 31st October high and the 200 day ma at .6899. The market remains bid above the 55 day moving average .6864. Below it and the three month support line at .6803 lies the .6755 November low.”

“Failure at the .6755 November trough will target the .6671 October low.”