AUD/USD to suffer further losses towards the 0.7437/27 support zone – Commerzbank
|AUD/USD is easing back from the 200-day moving average (DMA) at 0.7556. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to challenge the 0.7437/27 support area.
AUD/USD needs to recover the 200-DMA to regain upside potential
“AUD/USD continues to consolidate just below the 200-DMA at 0.7556. We note the divergence of the daily RSI and should see some slippage.”
“Dips should find interim support at 0.7427 the 4th August high and 0.7437 (20-DMA) and this guards the 29th September low at 0.7171.”
“Above the 200-DMA lies the seven-month resistance line at 0.7607. We will need to regain this zone for further upside impetus.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.