AUD/USD remains focused on the 0.7490 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“AUD/USD continues to weigh on the downside following the recent failure at the .7610 50% retracement. It is back below the 200 day ma at .7552 and we continue to target the.7492 March low. This together with cloud support at .7466 and Fibo support at .7450 is the break down point to the 2016-2017 uptrend at .7274 and the bottom of the 16 month range”.
“The repeated failure in the .7750/.7836 region, turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 uptrend at .7267”.