AUD/USD stays offered below 0.7529 – Commerzbank

The stance on the Aussie Dollar should remain offered while below 0.7529, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD’s outlook stays negative, it is approaching its initial downside target. The market remains under pressure. It was last week rejected by the 200 day ma at .7529 (55 week ma at .7514) and while capped here, it will remain directly offered. It targets the bottom of the converging range at .7321. The resistance line at .7481 offers additional resistance”.

“Longer term outlook is neutral in the converging range: It is side lined within the .7321-.7718 limits”.

“Above the 200 day ma should trigger a move to the top of the triangle at .7718”.