Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted AUD/USD's recent price action redirects the attention to 0.7705.
“The currency pair reached the five month support line at .7514 from where it has since recovered. Below it lies the 2016 uptrend line at .7495. The strong rebound again casts attention to the top of the converging range circa .7705”.
“Further down lurk the September low at .7443 and the 200 day moving average at .7446. This remains a critical break down point to the .7146 May low”.
“Only an unexpected rise and daily chart close above the .7710/31 September highs would introduce scope to the .7836 April high (not favoured)”.