Karen Jones, Technical Analysis Research Team Leader at Commerzbank, maintains a bearish bias against the Aussie as AUD / USD trades below the downtrend at 0.7198 and expects a drop to the 0.7006 mark.
Key statements:
“AUD / USD continues to weigh to the downside: a negative bias remains ingrained below the short-term downtrend at 0.7198, which continues to limit.”
“The downtrend maintains a negative bias and the short-term risk remains for a decline to 0.7006, the September low and 0.6964, the Fibonacci retracement of 23.6%. There is scope for this to extend towards the 200 day moving average, February high and mid-June low at 0.6791 / 74, which is expected to keep the lows limited. ”
Credits: Forex Street
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