In light of the recent price action around the Aussie Dollar, the pair could drop and test the 0.7191 level, suggested Axel Rudolph, Senior Analyst at Commerzbank.
Key Quotes
“AUD/USD continues its descent following its July consolidation and still has the 2001-2018 uptrend line at .7191 in its sights. Between it and the May and December 2016 lows at .7161/46 we expect the currency pair to stabilize”.
“Should this not be the case, the May and December 2016 lows at .7161/46 could be reached as well”.
“Above the .7483 July peak would see a challenge of the .7676 June high and the .7644 200 day moving average”.
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