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The pair’s attention could now shift back to the 0.7085 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

AUD/USD has eroded minor support at .7200 and our attention has shifted to the .7085 recent low. The market has recently failed at the 55 day moving average at .7288 and the .7340 2018 channel”.

“Below the .7085 recent September low should be enough to open up the path to .6827 the 2016 low”.

“A close above the channel would be required to negate downside pressure and trigger a move to the .7474 9 th July high on the way to the 200 day ma at .7580″.