AUD/USD: Failure at the 0.7472 downtrend allows for a dive as low as 0.7106 – Commerzbank

AUD/USD has failed at the four-month resistance line at 0.7472. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to slide towards the 0.7308 mark.

Aussie stalls at the 0.7472 4-month downtrend

“AUD/USD met its initial target at the 0.7427 4th August high on Friday and is now showing signs of failure at the 4-month downtrend at 0.7472.” 

“We would allow for a pullback to the 20-day ma at 0.7308. Below the 20-day ma lies 0.7289, the 21st July low and this guards 0.7106, the August low.” 

“A close above the resistance line would target the 2021 resistance line at 0.7695.”