AUD/USD still targets 0.7630/0.7700 – Commerzbank

The pair stays upside corrective and could attempt a test of the 0.7630/0.7700 band, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD’s dip lower has the near term support line and remains near term upside corrective. It has recently based at .7413 and we would allow for a deeper corrective phase into the .7630/.7700 band, where we suspect that the rally will fail. 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”.