AUD/USD: Attention back on the support line at 0.6657 – Commerzbank

AUD/USD continues recovering but needs to surpass the downtrend at 0.6744 to steams the rally. Karen Jones, ana analyst at Commerzbank reports. 

Key quotes

“AUD/USD continues to see a decent recovery from just ahead of the 2016-2020 support line at .6657, but rallies will need to overcome the accelerated downtrend at .6744 to alleviate immediate downside pressure and target the 200 day ma at .6855.” 

“Below .6650 there is very little support until the .6535/.6488 TD supports on the weekly and monthly charts.”