The AUD/USD pair has broken below the key 0.7564 support and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the aussie to suffer further downside.
Aussie targets the 200-DMA at 0.7385
“AUD/USD has finally slipped through the 0.7564 February low and thus targets the 0.7463 December 21 low, the 0.7413 September high and then the 0.7340 November 9 high. The 200-day is in close proximity to this at 0.7385 and should hold the downside.”
“Rallies should find initial resistance at the 0.7663/93 late February low and late March high and also along the 55-day ma at 0.7721 ahead of the short-term resistance line at 0.7742.”