AUD/USD: near term outlook is neutral - Commerzbank

Analysts at Commerzbank offered their technical analyses on AUD/USD.

Key Quotes:

"AUD/USD’s near term outlook is neutral. AUD/USD has rapidly recovered from its April low at 0.7440 to the 200-day moving average and the three-month resistance line at 0.7553. Around it, the cross may stall today. Should this not be the case we would have to allow for the mid- and late April highs and the 55 day moving average at 0.7592/0.7610 to be reached. 

While remaining below the latter level we will retain an overall bearish bias. The April low at 0.7440 is the breakdown point to the 2016-2017 uptrend at 0.7279. Longer term outlook is negative: The repeated failure in the 0.7750/0.7836 region turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 support line at 0.7279."