AUD/USD: Piercing the 2012-2020 downtrend, December 2019 high at 0.7031 is next – Commerzbank

The Aussie is eroding the 2012-2020 downtrend at 0.6932 and the next level to watch is the 0.7031 December 2019 high, according to Commerzbank’s Karen Jones. UOB are now focused on marks above 0.70 too.

See: Aussie GDP Q1 contracts 0.3% QoQ, as expected

Key quotes of Commerzbank

“AUD/USD remains extremely bid and has started to erode the 0.6891/0.6932 2012-2020 resistance line, where it is likely to see some consolidation. This guards the 0.7031 December 2019 high, and beyond here lies the 55-month ma at 0.7290. 

“Initial support is now the 200-day ma at 0.6658.” 

“Key support offered by the 20-day ma at 0.6592 and the base of the near-term channel at 0.06510 maintain an upside bias.”