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Analysts at Commerzbank  noted that AUD/USD continued its descent following its July consolidation and still has the 2001-2018 uptrend line at .7191 in its sights.  

Key Quotes:

“Between it and the May and December 2016 lows at 0.7161/46  we expect the currency pair to stabilize. Should this not be the case, the May and December 2016 lows at 0.7161/46 could be reached as well.”

“Resistance comes in at the early and late July lows at 0.7311/19.”  

Where are we wrong?  

“Above the 0.7483 July peak would see a challenge of the 0.7676 June high and the 0.7644 200  day  moving average.”

“Short-term  trend (1-3 weeks): Has the 2001-2018 uptrend line at 0.7191 in its sights.”

“Long-term  trend (1-3 months): Is likely to stabilize around the 2001- 2018 uptrend line at 0.7191. Below it  sit  the May and December 2016 lows at 0.7161/46.”