AUD/USD to enjoy further gains toward the 0.75 level – Commerzbank

In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the break of the accelerated downtrend at 0.7293 suggests near-term gains for the AUD/USD pair. 

Erosion of the accelerated downtrend alleviates downside pressure

“AUD/USD last week eroded its accelerated downtrend and should see further follow through on the topside this week.”

“Above the market lies the 0.7427 4th August high and the 55-day ma at 0.7401 and this guards the 0.7501 three-month resistance line.”

“Key support remains 0.7062/0.6991, these represent the September and November 2020 lows.”

“Initial support is 0.7222, the 27th August low.”