AUD/USD: Leading the charge higher – Commerzbank

The AUD/USD pair has eroded the 0.6445 mid-April high and has further short-term upside in store, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

“AUD/USD has eroded the mid-April high at 0.6445 and we look for a test of the 0.6684/89 March high and 200-day moving average.” 

“A rise above the 200-day moving average at 0.6689 would put the 0.7000 region back in play.” 

“Dips lower should find initial support offered by the near term uptrend at 0.6373. Minor support is seen along the 55 day moving average at 0.6339 and also at the 0.6265/55 recent lows.”