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Karen Jones, analyst at Commerzbank, suggests that AUD/USD continues to hold relatively steady near term.

Key Quotes

“Last week the market charted a new low (.6672), which was not confirmed by the daily RSI. This reflects a loss of downside momentum and we are likely to see near term recovery.”

“We need to see a sustained break over the near term downtrend at .6801 to retarget the .6894 mid September high. Failure at .6678 on a closing basis targets the .6548 February 1999 high.”

“We note TD support on the weekly chart at .6535 also. Above .6894, the 2019 downtrend at .6960 and the 200 day ma at .6981 would be next in line.”