AUD/USD now eyes 0.7191 – Commerzbank

In light of the recent price action around the Aussie Dollar, the pair could drop and test the 0.7191 level, suggested Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“AUD/USD continues its descent following its July consolidation and still has the 2001-2018 uptrend line at .7191 in its sights. Between it and the May and December 2016 lows at .7161/46 we expect the currency pair to stabilize”.

“Should this not be the case, the May and December 2016 lows at .7161/46 could be reached as well”.

“Above the .7483 July peak would see a challenge of the .7676 June high and the .7644 200 day moving average”.