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The AUD/USD was not able to close above the December 2019 highland at 0.7031 and is now correcting lower, drops -1.08% at 0.6790 as of writing, with next support seen at 0.6774, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs. UOB also sees the aussie weaking against the US dollar in the near-term.

Key quotes of Commerzbank

“AUD/USD last week did not manage to close above the 0.7031 December 2019 high and is downside corrective near-term.” 

“Initial support is the 0.6774 February 5 high and 200-day ma at 0.6665. Key support is offered by the two-month uptrend at 0.6575 and this maintains an upside bias.” 

“Beyond 0.7065 lies the 55-month ma at 0.7290.”

 

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