FXStreet (Guatemala) – AUD/USD has tested and has faltered at its near term resistance line at 0.7725, which ideally will continue to cap, as explained by Karen Jones, chief analyst at Commerzbank.
Key Quotes:
“This should then provoke a retest of the 0.7598 June low – this guards the 0.7534 April low. We note the sell signal from the cloud (lagging line has dropped below the cloud) and suspect that the downside risk has increased. Below 0.7534 will target the base of the 2 year channel at 0.7226 longer term.”
“Near term the market remains offered below the 0.7747 short term resistance line. Above 0.7750 would allow for a deeper retracement to the current June high at 0.7848 and only above here would cause us to re-evaluate our bearish view.”
(Market News Provided by FXstreet)