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AUD/USD door open for further downside – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the relevance of the key support at 0.7477.

    Key Quotes

    AUD/USD held sideways and has started to erode the accelerated uptrend at .7610 – this adds weight to the idea of a correction lower taking hold near term”.

    “As we highlighted last week, the recent high of .7722 had been accompanied by a divergence of the daily RSI”.

    “Attention has reverted to support, namely .7477, last weeks low, and .7416 (16th March low). The October and November highs lie at .7384/81”.
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