The Aussie Dollar is expected to remain under pressure while below the 0.7280/02 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“AUD/USD has sold off towards and again recovered just ahead of the .7040 recent low. Intraday Elliott wave counts have neutralised. We look for gains to remain capped by the 55 day moving average at .7202 and the .7280 2018 channel and while capped here this will leave the market under overall pressure. Below .7040 would target TD support at .6995. Below .6995/75 targets .6827 the 2016 low”.
“A close above the channel would be required to negate downside pressure and trigger a move to the .7474 9th July high on the way to the 200 day ma at .7523″.
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