AUD/USD: Near term consolidation here - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the AUD/USD pair is likely to consolidate near-term after it eroded the 55 day ma at .7183.

Key Quotes

“Dips lower will find minor support at .7100/.7065. The market targets the September and early November highs at .7302/14 and the 200 day ma at .7330, where it is expected to struggle.”

“It continues to recover near term following last week’s spike down into 9 year lows. This price action was exhaustive – the market charted a hammer (reversal). We have a TD perfected setup on the daily chart and a 13 count on the weekly chart. This suggests the end of the down move for now.”