AUD/USD: Stance remains negative below 0.7370 – Commerzbank

While below the 0.7370 area, the bias in AUD/USD is expected to stay negative, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD near term strength is viewed as corrective. The market recently failed at the 4-month downtrend at .7370 and we will retain a negative bias while capped here. Initial resistance is the .7313 55-day ma.”

“We look for losses to .7106, the August low. Key support remains at .7062/.6991. This represents the September and November 2020 lows. Below .6991 would trigger losses to the 50% retracement of the 2020-2021 move at .6760.”