AUD/USD: Approaching its 200 month ma at .8061 - Commerzbank

Karen Jones, Analyst at Commerzbank, maintains neutral to positive bias for the AUD/USD pair and expects it to extend the recent bounce from 2016-17 uptrend.

Key quotes:

“AUD/USD last week eroded the .7896 mid-October high, and targets the .7998/.8000 78.6% retracement and the .8061 200 month moving average. This is considered to be the last defence for the .8125 September high.”

“It will stay immediately bid while above the .7808 low from last week. Initial support is the accelerated uptrend at 0.7864. Support at .7808 guards the 200 day ma at .7713.”