AUD/USD: Downside corrective, targets June high at 0.6964 – Commerzbank

AUD/USD was the weakest across the FX board on Tuesday as the aussie eroded its five-month uptrend at 0.7159. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to slump towards the June high at 0.7062.

Key quotes

“AUD/USD has eroded the 55-day ma and the five-month uptrend at 0.7182/59. It is under pressure and we look for a slide to the 0.7062 June high and the 0.6964, the 23.6% retracement.”

“Below the uptrend, key support is offered by 0.6778/74, the February high and mid-June low.”

“Currently, intraday Elliott wave counts are negative and rallies are likely to remain capped by the 0.7315 minor resistance line.”