AUD/USD: Under pressure following failure at its 55 day ma - Commerzbank

According to Karen Jones - Head of FICC Technical Analysis at Commerzbank, the AUD/USD pair remains under pressure following the failure at its 55-day ma.

Key quotes:

“AUD/USD has sold off to and is attempting to recover from its 78.6% retracement at .6857. We have two 13 counts on the 240-minute chart and we will now exit remaining short positions and reattempt longs. Initial upside target is the 55-day ma at .7008, .7022 the June peak and the April peak at .7069.” 

“Further up resistance can be spotted at the .7207 February high. A rise above the .7207 late February high would target the December 2018 high at .7394.”

“IA fall and daily chart close below the .6857 78.6% Fibonacci retracement would signal a further bearish phase and target the .6738 December 2019 low.”