AUD/USD negative below 0.7461 – Commerzbank

The near term stance on AUD/USD remains negative while below 0.7471, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The correction higher has reached the .7461 down channel. Failure here should provoke a retest of the base of a 17 month converging triangle at .7308”.

“Above the channel will trigger recovery towards the .7538 200 day ma and even potentially the top of the triangle at .7722”.

“It is headed to the base of the range offered by the 2016-2017 support line at .7301. This is expected to eventually break down targeting initially .7161 December 2016 low then .7013 the 2001-2017 support line”.