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Karen Jones, analyst at Commerzbank, suggests that the AUD/USD pair last week saw initial rejection from just ahead of .7200 and is now weighing on the downside very near term.

Key Quotes

“It has eroded the .7055/12th Feb low, and attention has reverted to .7022/15 (50% retracement) and possibly .6950 Rallies will find initial resistance at .7127 (55 day ma and .7207 and are likely to remain capped by the .7245 200 day ma.”

“Price action in January was exhaustive – the market charted a hammer (reversal).”