AUD/USD allows a small squeeze higher – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar is poised for a near term correction higher.

Key Quotes

“AUD/USD again held Tuesdays low and we would allow for a near term correction higher”.

“The market recently fell below the 200 day ma at .7255, which leaves it under pressure”.

“The daily RSI Is low but currently not diverging so further losses remain plausible towards the 78.6% retracement at .7044. This remains the last defense for the .6828 January low”.