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While below the 0.7183/0.7260 area, the Aussie Dollar is expected to remain under pressure, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

AUD/USD continues to recover near term and we would allow for a rally to the 55 day moving average at .7183 and the .7260 2018 channel and while capped here this will leave the market under overall pressure”.

“We are looking for reversal for a number of reasons – we have TD support at .6995, the large divergence of the daily RSI and the 13 count on the weekly chart”.

“A close above the channel would be required to negate downside pressure and trigger a move to the .7474 9 th July high on the way to the 200 day ma at .7505″.