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31 Aug 2015
AUD/USD bearish below 0.7293 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s outlook remains negative while below the 0.7293 level.
Key Quotes
“AUD/USD is attempting to stabilise above its current August low at .7053”.
“We would allow for a near term rebound from there, however risks remain on the downside while capped by the .7293 3 month resistance line and failure here would target .7000, then the .6776 June 2004 low”.
“Rallies are expected to struggle at .7250/.7305 but will need to overcome the .7448 July 21 high and the .7430 55 day moving average to negate downside pressure”.
Key Quotes
“AUD/USD is attempting to stabilise above its current August low at .7053”.
“We would allow for a near term rebound from there, however risks remain on the downside while capped by the .7293 3 month resistance line and failure here would target .7000, then the .6776 June 2004 low”.
“Rallies are expected to struggle at .7250/.7305 but will need to overcome the .7448 July 21 high and the .7430 55 day moving average to negate downside pressure”.