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

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.”