AUD/USD could slip back to the mid-0.7400s – Commerzbank

AUD/USD remains poised for a potential visit of the 0.7450 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The market eroded its 200 day ma at .7532. We look for a deeper sell off towards .7450, the 50% retracement. Intraday rallies will remain directly offered below .7645 the 20 day ma. Intraday Elliott waves counts are negative”.

“The market is failing ahead of the .7778/.7850 2016 highs and the 38.2% retracement”.

“Above .7850 would target the 200 month ma at .7939”.