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The AUD/USD pair has eroded the 55-day moving average (DMA) at 0.7718, which suggests further weakness towards the 0.7564 February low, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“AUD/USD has started to erode its 55-day ma at 0.7718, this hot on the heels of a key week reversal last week suggests further weakness.”  

“A close below last Friday’s low at 0.7693 should trigger losses to the 0.7564 February low.”  

“Below 0.7564 will trigger a slide to 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”  

“Intraday Elliott wave counts are implying that rallies to the 0.7840 region are likely to fail.”