AUD/USD: Failed at Fibonacci resistance – Commerzbank

AUD/USD’s rally has failed at the 0.6450 (61.8% retracement) and has started to erode the accelerated uptrend, Keren Jones from Commerzbank reports.

Key quotes

“The Aussie is on the defensive and a close below 0.6270 should be enough to trigger losses to the 20 day ma at 0.6140 and then 0.5980.” 

“Below here attention reverts to 0.5873 (26th March low) and this guards the 0.5530 1998 low (18 March low was 0.5511).”