According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Aussie dollar faces further downside pressure below 0.7017.
Key Quotes
“AUD/USD has failed ahead of the 200 day ma at .7264 and sold off to the near term support line at .7101, which is now exposed”.
“Initial support lies at .7070 (19th Feb low) but we need a close below the .7017 low charted in November in order to reassert downside pressure t the .6828 mid January low”.
(Market News Provided by FXstreet)