AUD / USD returned below 0.7300. According to Karen Jones, Head of Research Team at Commerzbank, she warns that a drop below 0.7062 / 0.6991 would imply a deeper pullback.
Key statements:
“AUD / USD hit our short-term target at 0.7225 on Monday and is seeing a minor pullback, so far it hasn’t even tested any note resistance and downside risk remains.”
“The Australian dollar recently failed in the four-month downtrend at 0.7414 and we will maintain a negative bias as long as it is limited by that level.”
“Minor support at 0.7222 / 20, August 27 low, protects the August floor of 0.7106.”
“Key support remains at 0.7062 / 0.6991. This represents September and November 2020 lows. Below 0.6991 would trigger losses to the 50% retracement of the 2020-2021 move to 0.6760.”
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