Strategists at TD Securities remark that the AUD/USD pair has found support at the 0.7140 today and is now trading at 0.7175, up 0.20% on the day. The aussie should see a test of the 0.7243 18-month high amid USD weakness.
“We note that AUD/USD found good support at a trendline that intersects at 0.7140 today.”
“While we remain biased toward a weaker USD overall, a further pullback would first see a test of the 0.7120 pivot, while good support should be seen in the 0.7065/7080 zone.”
“If the upside does get traction once again, the post-crash, 18-month high at 0.7243 as forms the most obvious objective.”