AUD/USD room for a pullback to 0.7474 – Commerzbank

Pablo Piovano FXStreet

The Aussie Dollar could slip back to the 0.7470 area vs. the greenback, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“AUD/USD last week failed at its six month downtrend line at .7653. Between current levels and the 200 day ma at .7742 we look for failure and for a slide back to the .7474 1 st May low. Below .7474 will target the .7413 May low. Below here lie the May 2017 lows at .7373/.7330. Longer term we look for a move to the 2001-2018 uptrend line at .7156”.

“Above the .7677/.7700 will target the .7813 April high”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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