Search ForexCrunch

AUD/USD has eroded the 38.2% retracement of the move up from November at 0.7619 and attention is on the 0.7564 February low as the aussie stays offered below 0.7748, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“Below 0.7564 will trigger a slide to 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 0.7363 and should hold the downside.”  

Rallies will find initial resistance at 0.7748, the 55-day ma ahead of 0.7849 the 18th March high.”