In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside faces a strong obstacle around the 0.7200 handle.
Key Quotes
“AUD/USD has eroded the 55 day ma at .7143, and the 2014-2016 downtrend at .7180 we have not seen a close above here yet and for now will allow for initial failure at .7190.7200”.
“Dips lower would have to fall back below .7100 and preferably below .7000 to alleviate immediate upside pressure”.
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