AUD/USD Bullish Above 0.7597 – Commerzbank
In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s bullish stance remains intact above 0.7597.
“AUD/USD’s recent rally has taken it close to our .7850 target level (38.2% retracement of move down from 2014), to .7836, before it formed a reversal day”.
“The late March high at .7722 has already been hit with the next lower mid-March high at .7680 being targeted next. Below it the two month support line can be seen at .7656”.
“While last week’s low at .7597 underpins overall bullish pressure may persist”.