AUD/USD negative bias persists below 0.7648 – Commerzbank

The negative stance on the Aussie dollar remains intact while below 0.7648, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD’s high of .7608 was not been confirmed by the daily RSI – and the market has basically been held sideways to slightly lower, but it has not sold off and currently we suspect it is attempting to stabilise ahead of tackling the .7648 2013-2016 downtrend. Only above .7648 will negate our negative bias and introduce scope to the .7778/.7850 2016 highs and the 38.2% retracement”.

“Currently the market’s dip lower is indicated to terminate circa .7505/.7435. We suspect that prices will need to go sub 7400, the 55 day ma, to alleviate upside pressure and trigger losses to .7312/00 then .7161/64, the recent lows”.