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.”
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