AUD/USD continues to sit on the base of its channel at 0.7260, which is so far holding on a closing basis. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the aussie would decline towards the August low at 0.7106 on a break below 0.7250.
“Failure at 0.7250 will target the 29th September low at 0.7171 and the August low at 0.7106.”
“Initial resistance is the 55-day ma at 0.7348 then 0.7430 the 9th November high and the 20-day ma at 0.7409. Above here lies the 0.7477 3rd September high and we look for the market to fail in this vicinity.”
“Overall, longer-term bearish pressure will be maintained below 0.7534/77 (200-day ma, October high and the 7-month downtrend).”
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