AUD/USD to tick down for a test of the 0.7305 level – Commerzbank
|AUD/USD met its initial target at the 0.7427 4th August high on Friday. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the aussie to drop towards the 0.7305 area in the near-term.
AUD/USD to head higher towards 0.7699 on a close above 0.7481
“We would allow for some near-term consolidation below the 0.7481 three-month resistance line, and a minor dip lower.”
“Initial support lies at the 20-day ma at 0.7305 and 0.7289, the 21st July low and these guard 0.7106, the August low.”
“A close above the resistance line would target the 2021 resistance line at 0.7699.”
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.