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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar could slip back and test once again 0.7315.

Key Quotes

AUD/USD last week rallied to and failed at the 55 day ma at .7488 and we are unsure if the corrective move higher may already be over. The intraday Elliott wave count is negative and we would allow for a retest of the .7315 recent low. Below .7315 the market is capable of a slide to the 2001-2018 uptrend line at .7176″.

“Above the 55 day ma would allow for a recovery to the downtrend at .7566″.

“Above the downtrend would see a challenge of the .7676 June high and the .7685 200 day ma”.