AUD/USD targets the 0.7284 55-month moving average – Commerzbank

AUD/USD is surging 0.45% on the day and trades at 0.7160, which means new 2020 highs. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to extend the rally to 0.7284.

Key quotes

“AUD/USD has eroded the 0.7031/62 resistance area and broken into new highs for the year. This break higher has reinforced the up move and we look for gains to the 55-month moving average at 0.7284, which we would expect to hold the initial test.” 

“We have a short term uptrend at 0.6988 and would tighten profit stops to just below here. Key support is offered by 0.6778/74, the February high and mid-June low.”