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