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Forex Flash: AUD/USD potential decline long-term – Commerzbank

The Aussie dollar is cashing up part of today’s gains, after stronger-than-expected data in the domestic backyard plus the recent decision of the RBA to remain on-hold have fuelled the upside back to the key limestone of 1.0300

“At this stage we remain unable to rule out a deeper retracement to tougher resistance at 1.0375/80 and at 1.0395 the 55 day ma, where we should again see failure”, suggested Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank.

The analyst added “Our longer-term outlook is negative, and we target is .9805, the 2011-2012 support line and then .9404 the 2009 peak”.

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