AUD/USD now targets 0.7492 – Commerzbank

AUD/USD keeps the negative outlook unchanged in the near term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“Last week the currency pair saw a sharper rebound than we would have liked and is back above the 200 day ma at .7553. It will pretty much have to fail here for a downside bias to be maintained. We target the.7492 March low. This is the break down point to the 2016-2017 uptrend at .7274 and the bottom of the 16 month range”.

“The repeated failure in the .7750/.7836 region, turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 uptrend at .7267”.