In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie Dollar could attempt a small recovery after the recent sell off vs. the greenback.
Key Quotes
“AUD/USD continues to sit on the May and December 2016 lows at .7161/46. We would allow for a small rebound from here. Should the market recover from the 2016 lows, then we would expect to see a retest of the 55 day ma at .7350 but for now look for this to cap”.
“Below .7140 lies .6827 the 2016 low”.
“Only a move above the 55 day ma will act as the break point to the .7411 6 month down channel. Above here would see a challenge of the .7676 June high and the .7615 200 day moving average”.
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