In light of the recent upside, the Aussie dollar could test higher levels, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “AUD/USD has eroded the .7331 8 month resistance line and the 55 week moving average at .7392, and is also eroding the base of the weekly cloud at .7378”. “Having severed such critical resistance, we have no choice but to assume that the market has based for now and further gains are likely”. “Immediate resistance is .7460, the 23.6% retracement of the move down from 2014 and then .7534 the March 2015 low”. “Currently if we assume that it has based the measurement higher extends to .7760. We note the 13 count on the 240 chart and would allow for slippage to .7365/15 intraday”. For more information, read our latest forex news.