FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, believes that the short-term target for the AUD/USD a downward movement.
“The AUD/USD came under increasing selling pressure, after he failed in the last week on the 200-day MA and the 3-month resistance line of 0,7527/50. The market reached the 61.8 % Retracement of 0,7382 and our goal remains the base of the triangle of 0,7294, which is an important break point is to the bottom for the AUD.”
“The renewed Failure at the 0,7750/0,7836 suggests that the Pair is on the way to the base of the Range, where the 2016-2017 support line is of 0,7287. This may be broken down.”
** FXStreet News Editorial, FXStreet**