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AUD/USD bearish below 0.9413 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the negative bias to remain as long as the market trades below 0.9413.

Key Quotes

AUD/USD appears to be executed a ‘return to point of break down and we would allow for a test of the previous uptrend at .9247, this should now act as resistance”.

“Beyond this we target .9082 then .8982/63, this latter level is the 61.8% retracement of the move seen this year”.

“Rallies are indicated to terminate circa .9250 and should remain capped by the resistance line at .9413 for a negative bias to be maintained”.

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