AUD/USD could slip towards 0.7572 – Commerzbank

In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the Aussie dollar risks a test of the 0.7570 area while capped by 0.7732/55.

Key Quotes

“AUD/USD surprised us by rising to the six month resistance line at .7732. This capped, though. As long as it and the August high at .7755 cap on a daily chart closing basis a slip back towards the 55 day moving average at .7572 should be seen”.

“If the next lower August low at .7492 were to be slipped through as well the July lows at .7421/10 would be back in the picture”.

“While trading below the .77505 August peak the 200 day ma and the 2016 support line at .7405/.7395 will remain in focus”.