AUD/USD bearish below 0.7610 – Commerzbank

The prospect for the Aussie Dollar vs. the greenback stays bearish while below the 0.7610 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD has rapidly recovered from its April low at .7440 to the 200 day moving average and the three month resistance line at .7552. Around it the cross has stalled very near term. Should this not be the case we would have to allow for the mid- and late April highs and the 55 day moving average at .7592/.7610 to be reached. While remaining below the latter level we will retain an overall bearish bias. The April low at .7440 is the break down point to the 2016-2017 uptrend at .7279”.

“The repeated failure in the .7750/.7836 region turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 support line at .7279”.