AUD/USD room for a pullback to 0.7474 – Commerzbank

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”.

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.