AUD/USD could fail ahead of 0.7755 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could fail ahead of the key 200-day sma in the mid-0.7700s.

Key Quotes

“AUD/USD has met its initial corrective target. Between current levels and the 200 day ma at .7755, we look for signs of failure. We also find a 3 month downtrend at .7688 and we would allow for a corrective rebound into this zone, where we look for failure”.

“Below .7474 will target the .7413 recent low. Below here lies the May 2017 lows at .7373/.7330. Longer term we look for a move to the 2001- 2018 uptrend line at .7156”.