AUD/USD to sink towards the 0.7000 level – Commerzbank

AUD/USD has eroded the 200-week moving average at 0.7225 and subsequently dropped below 0.72. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks for losses toward 0.7000.

Under pressure and on target for the 0.7054/0.6991 zone

“AUD/USD remains under pressure. It has eroded the 200-week ma at 0.7225 and this has introduced scope for 0.7054/0.6991, the September and November 2020 lows.”

“Initial resistance is the 0.7290 July low and the 0.7427 4th August high but while capped by the 55-day ma at 0.7479, a negative bias will be maintained.”