AUD/USD met its initial target at the 0.7427 4th August high on Friday. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the aussie to drop towards the 0.7305 area in the near-term.
AUD/USD to head higher towards 0.7699 on a close above 0.7481
“We would allow for some near-term consolidation below the 0.7481 three-month resistance line, and a minor dip lower.”
“Initial support lies at the 20-day ma at 0.7305 and 0.7289, the 21st July low and these guard 0.7106, the August low.”
“A close above the resistance line would target the 2021 resistance line at 0.7699.”
This article was originally published by Fxstreet.com. Read the original article here.