AUD/USD offered below 0.7524/82 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar remains offered while below the 0.7524/82 band vs. the greenback.

Key Quotes

“AUD/USD’s recovery off its November low at .7312, made close to the June 24 low at .7310, has halted at the 38.2% retracement at .7490 and we look for the 200- and 55-day moving averages at .7524/82 to cap. While capped here, AUD/USD remains offered”.

“Support below the .7312/10 area comes in between the mid-June low and 78.6% Fibonacci retracement at .7287/81. Further down lurks the May low at .7146. We view AUD/USD as having topped and eventually expect it to slide back to the .6828 January low”.