The Aussie is eroding the 2012-2020 bearish trend at 0.6932 and the next level to watch is the highest of 0.7031 in December 2019, according to Karen Jones of Commerzbank. UOB is now also focusing on scores above 0.70.
See: Q1 Australian GDP contracts 0.3% QoQ, as expected
Key quotes or Commerzbank
“The AUD / USD remains extremely high bid and has started to erode the resistance line 0.6891 / 0.6932 2012-2020, where it should see some consolidation. This preserves the high of 0.7031 in December 2019, and beyond is the 55 month MA at 0.7290.
“Initial support is now Monday of 200 days at 0.6658.”
“The key support offered by the 20-day MA at 0.6592 and the short-term channel base at 0.06510 maintains an upside bias.”