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AUD/USD sell strength towards 0.9000? – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, recommends selling the pair on bullish attempts around 0.9000 the figure.

Key Quotes

AUD/USD sold off aggressively last week”.

“The market broke down from its 6 month range and plummeted lower and starts this week poised to reach its initial target .8982/63, this latter level is the 61.8% retracement of the move seen this year and the downside measured target from the top”.

“We have covered shorts at .9000, but will reinstate these on a bounce”.

“Rallies are indicated to terminate circa .9095/.9155 and should remain capped by the resistance line at .9248 for a negative bias to be maintained”.

“Longer term we look for a slide back to .8460 the 2014 low”.

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