AUD/USD bid above 0.7416 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s remains bid above 0.7416.

Key Quotes

“AUD/USD as we highlighted last week, the recent high of .7722 had been accompanied by a divergence of the daily RSI and we had not seen a close above the .7680 previous high and the market is now correcting lower short term”. 

“Attention has reverted to the uptrend at .7589 – this guards .7477, last weeks low, ahead of .7416 (16th March low). While above here the market remains bid. Below .7410, nearby support lies at the October and November highs at .7384/81”.