AUD/USD faces strong resistance near 0.7390 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the Aussie dollar could struggle around the 0.7390 area.

Key Quotes

“AUD/USD has eroded the .7331 8 month resistance line and there is scope to the 55 week moving average at .7392, but we look for the market to struggle here and fail, we note the base of the weekly cloud at .7378 which reinforces resistance here”.

“Nearby support lies at .7255, the 200 day ma. The short term uptrend at .7140 maintains the bid tone for the market”.