Forex Flash: AUD/USD up move is corrective only – Commerzbank

FXstreet.com (Barcelona) - The AUD/USD has to close above the 55 day ma at 1.0383 to extend its journey higher. “We suspect that the up move is corrective only and we note the TD perfected set up which suggests that the up move should be limited now”, wrote analyst Karen Jones, seeing scope for further strength to 1.0414, possibly the high from the end of January at 1.0475, where would again expect failure.

“The market stays bid short term above the 1.0274 short term uptrend and a break below here is needed for attention to revert to underlying support”, she added, adding that the negative longer term outlook includes targets at 0.9805, the 2011-2012 support line and then 0.9404 the 2009 peak.