AUD/USD looks for gains to the 0.7427 August high – Commerzbank

AUD/USD stands out by trading above 0.73 after eroding the accelerated downtrend at 0.7293. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to head towards the 0.7427 August high.

Key support remains at the 0.7062/0.6991 area 

“AUD/USD recently eroded its accelerated downtrend and should see further follow through on the topside. Above the market lies the 0.7427 4th August high and the 55-day ma at 0.7395 and this guards the 0.7496 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.”