FXstreet.com (Barcelona) - The June-29 rally brought the AUD/USD back to the 200-day moving average, but after holding above it for several days, the pair fell on Friday and closed the week below the line, coupled with the 100-day MA.
On Monday, the pair is extending its newfound weakness, dropped below 1.0200 and approaches the 20-day MA at 1.0124.
“We would allow for a slide back to the 1.0149/50 support line and look for a break below here to trigger a sell off to the 0.9970 recent low”, wrote Commerzbank analyst Karen Jones, believing the market has topped.
On Monday, the pair is extending its newfound weakness, dropped below 1.0200 and approaches the 20-day MA at 1.0124.
“We would allow for a slide back to the 1.0149/50 support line and look for a break below here to trigger a sell off to the 0.9970 recent low”, wrote Commerzbank analyst Karen Jones, believing the market has topped.
