AUD/USD: Under pressure and on target for the 200-week ma at 0.7227 – Commerzbank

FXStreet Insights Team FXStreet

AUD/USD is currently trading in lows near 0.7360 after a small recovery within its near term range on Wednesday. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the aussie to fall towards the 200-week moving average at 0.7227 while the pair stays below the 55-day moving average at 0.7511.

The 55-DMA at 0.7511 guards the July and late June highs at 0.7599/0.7616

“AUD/USD saw some recovery yesterday in its sideways range. Short-term while capped by the 55-day ma at 0.7511, it stays negative. While capped here, we target initially the 200-week ma at 0.7227.”

“Longer term there is scope for 0.7054/.6991.”

“The 55-day ma at 0.7511 guards the July and late June highs at 0.7599/0.7616.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.