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AUD/USD bearish below 0.7202 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains negative while below the 0.7202 level (55-d MA).

Key Quotes

AUD/USD has seen a small rebound, but the risk still remains on the downside”.

“The market has recently failed at its 55 day ma at .7203 and the focus remains on last weeks low at .6940”.

“Below it lies the .6905 recent low and also the .6774 2004 low. We note the 13 count on the 240 minute chart and may see a small rebound very near term, but this should ideally remain capped by .7050/75”.

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