FXStreet (Edinburgh) – In the view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the Aussie dollar could test 0.6940 in the medium term.
Key Quotes
“AUD/USD found resistance below the .7250 resistance line. Key resistance remains at .7298/.7385 (Fibo retracement, 2014-2015 downtrend)”.
“We still look for a close below the .7068 late October low to trigger another leg lower. Medium term we continue to target the September low at .6940. Below it lies the .6905 recent low and also the .6774 2004 low”.
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