AUD/USD is consolidating recent gains – Commerzbank

Karen Jones, analyst at Commerzbank, points out that AUD/USD has recently halted just ahead of the July 2019 peak at 0.7077 and very near term has sold off towards its 31st October high at 0.6929 where it is currently consolidating.

Key Quotes

“We would allow for losses to extend to 200 day ma at .6897. It should recover in this vicinity and then challenge the July 2019 peak at .7077 and the 2013-2019 downtrend at .7137.”

“Dips lower will find initial support offered by the .6929 31st October high and the 200 day ma at .6897. The market remains bid above the 55 day moving average .6868. This guards the three month support line at .6829 below which lies the .6755 November low.”