AUD/USD to slip towards the 0.7006 September low – Commerzbank
|Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a bearish bias on the aussie as the pair trades below the downtrend at 0.7198 and expects a dive to the 0.7006 mark.
Key quotes
“AUD/USD continues to weigh on the downside – a negative bias remains entrenched below the short-term downtrend at 0.7198 which continues to cap.”
“The downtrend maintains a negative bias and the near-term risk remains for a slide to 0.7006, the September low and 0.6964, the 23.6% Fibonacci retracement. There is scope for this to extend towards the 200-day ma, the February high and mid-June low at 0.6791/74, which is expected to hold the downside.”
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