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AUD/USD: upside could struggle around 0.7285/0.7320 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the Aussie dollar could struggle around the 0.7285/0.7320 area.

Key Quotes

AUD/USD has held the initial test of the 55 day ma at 0.7173, while we would allow for a rebound from here this is expected to be pretty tepid”.

“Rallies are indicated to fail intraday circa .7285/.7320 for a slide below the 55 day ma to the base of the short term channel at .7040”.

“Medium term we continue to target the September low at .6940. Below it lies the .6905 recent low and also the .6774 2004 low”.

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