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- AUD/USD: Consolidation ahead of a slump towards 200-DMA at 0.6774 - Commerzbank
AUD/USD: Consolidation ahead of a slump towards 200-DMA at 0.6774 - Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests that AUD/USD allows for a minor rebound on Monday ahead of as slide to the 200-day ma at 0.6774. In fact, the aussie is currently trading at 0.7041, up 0.20% on the day, after falling by nearly 0.30% on Friday to 0.7006 – its sixth straight consecutive decline.
“AUD/USD sold off sharply last week and starts this week still under pressure and we look for a slide to the 0.6964, the 23.6% retracement. There is scope for this to extend towards the 200-day ma, the February high and mid-June low at 0.6778/74, which is expected to hold the initial test.”
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