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AUD/USD could slide to 0.9200 area – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair might test lower levels around and below 0.9200 the figure.

Key Quotes

AUD/USD is still heading towards the 55 day moving average at .9368. While capped by it, we will maintain our bearish bias”.

“We look for losses to the .9203/.9178 May low and 200 day moving average. We also find the 55 week ma in this vicinity at .9210 and the 32.8% Fibonacci retracement at .9182”.

“These represent major break down points and we suspect that they will hold the initial test”.

“Above the 55 day moving average at .9368 will neutralise our forecast and introduce scope to retest the .9475 late July high”.

“Longer term failure at .9182 will trigger the start of a move to .8891, the March low”.

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