AUD/USD: Correction lower in the offing – Commerzbank

AUD/USD could now face some downside pressure, notes Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“AUD/USD’s symmetrical triangle broke downwards, this implies that the market has topped for now and we should see a correction lower take hold. It is now vulnerable to deeper losses to the .7463 December 21 low and also the .7413 September high and the .7340 November 9 high. The 2020-2021 support line lies at .7530.”

“Above the market we have TD resistance at .7925 which, if reached is likely to hold the initial test. The .7925 level is seen as the barrier to the 2018 peak at .8135.”