AUD/USD remains bearish below 0.6893 – Commerzbank

AUD/USD is expected to keep the bearish stance unchanged while below the 0.6893 level, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“AUD/USD continues to weigh on the downside and while trading below the 2019 downtrend line at .6893, the immediate outlook stays bearish. This resistance is reinforced by the 200 day ma at .6923. The market is vulnerable to further losses this week to initial support offered by the .6724 October 16 low ahead of the .6671 October low. We suspect that this will again hold for further ranging”.

“Failure at .6671 on a closing basis targets the .6548 February 1999 high. We note TD support on the weekly chart at .6535 also”.