AUD/USD continues to be under pressure – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that AUD/USD remains bearish while trading below the 2019 downtrend line at .6900 and this resistance is reinforced by the 200-day ma at .6926.

Key Quotes

“The market is vulnerable to further losses this week to initial support offered by the .6724 October 16 low ahead of the .6671 October low. We suspect that this will again hold for further ranging.”

“Failure at .6671 on a closing basis targets the .6548 February 1999 high. We note TD support on the weekly chart at .6535 also.”

“Above the 200 day ma targets .7076, the midJuly high. The 2013-2019 downtrend lies at .7205.”