AUD/USD: Erosion of five-month downtrend opens up the 0.75 level – Commerzbank

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AUD/USD has eroded its five-month downtrend at 0.7350. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to climb towards the 55-week moving average at 0.7509.

Break of the five-month downtrend point to further strength to the 55-week ma

“AUD/USD has closed above its five-month downtrend and the outlook is neutral to positive. The close above here introduces scope for the 4th August peak at 0.7427 and the September peak at 0.7477 and the 55-week ma at 0.7509.”

“Dips should find interim support at 0.7284 and this guards the 29th September low at 0.7171.”