AUD/USD could test 0.7312/10 while below 0.7421/43 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the Aussie dollar could re-visit the area of 0.7312/10 as long as 0.7421/43 caps.

Key Quotes

“AUD/USD dropped to its current November low at .7312, practically to the June 24 low at .7310, before recovering earlier this week. The late July and September lows at .7421/43 have been revisited as expected but provoked failure. Further range trading is thus on the cards”.

“While this resistance zone caps, a slip back towards the .7312/10 area looks probable with the mid-June low and 78.6% Fibonacci retracement at .7287/81 then being in focus. Further down lurks the May low at .7146. We view AUD/USD as having topped and eventually expect it to slide back to the .6828 January low”.

“Resistance above .7421/43 can be seen between the 200- and 55-day moving averages at .7520/84. While capped here AUD/USD remains offered”.

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