AUD/USD upside bias above 0.7454 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the stance of the Aussie Dollar remain positive while above 0.7454.

Key Quotes

“The correction higher has been rejected by the 200 day ma at .7536. This remains the barrier to the top of the triangle at .7722. We have an accelerated uptrend at .7454 and while above here we will assume a slight upside bias, although the rejection from the 200 day ma was emphatic and we suspect this may now cap”.

“Longer term outlook is neutral in the converging range: It is side lined within the .7308-.7722 limits”.

“Failure at .7442 should provoke a retest of the base of a 17 month converging triangle at .7308”.